Question: 2a. (4 pts) Explain the difference between the two utility curves labeled la and I. Demonstrate that you understand what the curves represent, conceptually. 92,

2a. (4 pts) Explain the difference between the two utility curves labeled la and I. Demonstrate that you understand what the curves represent, conceptually. 92, M Quantity of good X2 0 Quantity of good X12b. (8 pts) Review the three budget constraint lines in the figure below (i.e. the lines that contain equilibrium points A, B, and C). Explain the difference between the three budget constraint lines such that you demonstrate your conceptual understanding of how they are used to illustrate EV. QZ: M Quantity of good X2 0 Quantity of good X1 2c. (8 pts) Review the three budget constraint lines in the figure below (Le. the lines that contain equilibrium points A, B, and C). Explain the difference between the three budget constraint lines such that you demonstrate your conceptual understanding of how they are used to illustrate CV. '12: M Quantity of good X2 0 Quantity of good X1

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