3. With some services (eg. checking accounts, phone services, pay TV etc.) a consumer is offered a choice of two or more payments plans. One can either pay a high entry fee and get a low price per unit of service, or can pay a low entry fee and pay a high price per unit of service. Suppose you have an income m = 100. There are two plans, Plan A: entry fee of 20 pounds and price of 2 pounds per unit of service. Plan B: 40 pounds of entry fee and 1 pound per unit of service. Let :1: be \"all other goods\" and y the consumption of the service- (i) Write down the budget equation that you would have after you paid the entry fee for each of the two plans. (ii) If your utility function is U (I, y) = my how much 3; would you choose in either case? (iii) 'Nhich plan would you prefer? Why