1. The price of good x is p, and the price of good y is 3. The consumer has an income of 5. (a) Write down the budget constraint equation and draw it. (b) Suppose the consumer has a utility function: u(x, y) = x+lny. Find the inverse demand function of x and draw it. (c) Suppose the income increases from 5 to 8, find the new inverse demand function of x and draw it.

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