For Part II, Question 3: Can you replace the budget with $100 a week to spend and please provide answers for each part of the problem with full work so I understand? Thank you!

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Miley Cyrus, under the conditions of a court order, is required to enroll Summer session at Kardashian College.She is granted $100 a week to spend:either on energy drinks at $2.50 each or on gasoline for her Bentley at $4.00 per gallon.

a.) Draw Miley's opportunity set. Label her feasible set. (Put gasoline on horizontal axis.)

(Suggestion:Draw asufficiently large diagramas you willadd more itemsto the same graph in subsequent parts.)

b.) In part a), what is the trade-off (opportunity cost) of energy drinks in terms of an additional gallon of gasoline?

c.) In the graph for part a) above, now draw each new budget constraint she would face if:

1. The price of energy drinks fell to $2,ceteris paribus;
2. The price of gasoline rose to $4.50 per gallon,ceteris paribus;

d) Ineachcase of part c), how does the trade-off (opportunity cost) of energy drinks in terms of an additional gallon of gasoline change.

Part [1: Answer both questions50 pts each. 0.3) Miley Cyrus, under the conditions of a court order, is required to enroll Summer session at Kardashian College. She is granted $50 a week to spend: either on energy drinks at $2.50 each or on gasoline for her Bentley at $4.00 per gallon. a) Draw Miley's opportunity set. Label her feasible set. (Put gasoline on horizontal axis.) (Suggestion: Draw a "may lug: dl'agnnl a: you win add more items to tile same graph in subsequent pm.) b) In part a), what is the trade-off (opportunity cost) of energy drinks in terms of gasoline? c) In the graph for part a) above, now draw each new budget constraint she would face if: i) The price of energy drinks fell to $2, celeris paribus; ii) The price of gasoline rose to $4.50 per gallon, ceten's pan'bus; d) In each case in part c), how does the trade-off (opportunity cost) of energy drinks in terms of gasoline change. Ask Expert Tutors