tangent to the initial indifference curve (IC1). Show the income and substitution effect of the decrease in the consumption of soda as the price of soda increases. At the new price level, at least how much income should Jack get to achieve the original utility level? (Hint: find the tangent point of BL3 and initial indifference curve (IC1)) (4) Determine the demand curve for Good X. 15 . Three students have three different demands for coffee. Alex's demand is given by Q = 5 - P. Vanessa's demand is Q = 6 - 2P and Alison's demand is Q = 4 - 0.5P. Graphically and algebraically determine the market demand for coffee for these three individuals. 16. Know substitution and income effects and how to graph them for both goods(X and Y). 17. Know how to calculate and use different types of elasticities. 18. Know how to create budget lines for different scenarios