Ted is an eight-year-old boy who loves Pokmon cards and Lego minifigures. His father found a website where Ted can trade cards for minifigures (and vice versa) at a rate of one card for two minifigures. His preferences are represented by u(x1,x2) = x1 x23, where x1 stands for cards and x2 stands for minifigures. Assume both goods are perfectly divisible. a. Draw the budget constraint assuming Ted has an endowment of 5 cards and 6 minifigures, i.e. (1,2) = (5,6). b. Given the budget constraint in part a, find Ted's optimal bundle. c. Is Ted a net buyer of net seller of cards? What about minifigures? d. Assume Ted trades to get to the optimal bundle in part b. Imagine Ted visits the website two months later and learns each minifigure can now be traded for two cards. Draw the new budget constraint. Notice that the bundle in part b is Ted's new endowment. e. Given the new budget constraint in part d, find the new optimal bundle. f. Relative to the optimal bundle in part b, is Ted now a net buyer or net seller of cards? What about minifigures?