Short answer and Numerical guestions 26) Consumer has $60 income to spend on two goods x1 and x2. The price for x1 is $5 and price for x2 is $10. (20 points) a) Please write a budget line equation for the consumer. b) Draw this budget line with x] in vertical axis and x2 in horizontal axis c) What happens to budget line when income changes from $60 to $90, all other prices remaining same. Show original and new budget line in the graph. d) What happens to budget line when income changes from $60 to $30, all other prices remaining same. Show original and new budget line in the graph. e) Suppose there was a decrease in price of x2 to $5, everything else remaining same (income same as $60, and price of XI same as $5). Please plot the budget line with this change. As compared to original budget line, what happened to new budget line? 2'?) Using constrained optimization set up, please solve the following utility maximization problem, subject to budget constraint. Identify optimum level of XI and x2 (optimum quantity of goods x1 and x2 for given utility and budget) and present them as x1* and x2\". (20 points) Utility function: U = EogXl + (:3ng Subjectto: X1 + 5X2 = 50