For a well-behaved (downward sloping, convex, more utility further from origin) utility function U(x,y), prices p x
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and p y
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and Income I, draw an equilibrium labeled A where x A
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and y A
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are consumed. (b) Suppose I decreases and x is an inferior good. Draw a new equilibrium B that is consistent with the setup. (c) Suppose Ginny's utility over x and y is given by U(x,y)=x+y and budget is I=p x
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∗x+p y
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=y. Propose two goods that may have this type of utility function and use a graph to solve for Ginny's optimal consumption of x and y when p x
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=p y
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. Is this equilibrium a unique point? (d) Suppose p x
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increases. Draw Ginny's new optimal consumption point. Be sure to draw and label both income and substitution effects following this price change.