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3. (a) The indirect utility function for a consumer is given by u = 10y p, P2 -0.45 p,035 . Suppose the consumer's income is 150. The price of good I is pi - $1.50. The price of good 2 changes from p2 = $3 to p2 = $2. Is the consumer better off as a result of this price change, worse off, or equally well off as before? How do you know this? [NOTE You do not need to do any calculation in order to answer this question.] (b) Write down the equation that defines the maximum amount that the consumer would be willing to pay to obtain the price decrease. [Note: you do not need to actually solve the equation. ] (c) Draw a diagram showing the change in consumer's surplus associated with the price decrease. (d) Is the change in consumer's surplus the same as the quantity defined by the equation in (b), or is it different? Which is likely to be larger