You have $100 and can by Beer and Chips. A bag of Chips costs $2 and a beer costs

$4. Presume you live in a world where you can buy any quantity of beer and chips.

(a) Draw the budget line.

(b) Draw the budget line if your income falls to $50.

(c) Using the budget line from (b) draw the new budget line if the price of chips

increases to $4 and the price of beer does not change.