Please provide the answer with detailed explanation! Also, please draw the graphs!! Please do not use apps or AI to create graphs; I would appreciate it if you draw them by hand. It makes it easier to understand.

Problem 6 (Substitution and Income Effects graphical analysis) Oliver and Hardy, two friends, each have $120 to spend on product X and Y. The price of X is Px = $1 and the price of Y is Py = 1. At these prices, both Oliver and Hardy buy the bundle (qx = 80; qy = 40). However, Oliver has only a mild preference for consuming X and Y together and his preferences are strictly convex while Hardy considers X and Y perfect complements. 1. 2. 3. 4 In two separate diagrams, one for Oliver and one for Hardy, illustrate the consumers optimal bundles. The price of X doubles to P'x = $2. Oliver still buys 40 units of Y. Hardy now buys 48 units of X and 24 units of Y. In each diagram add a budget line and an indifference curve to illustrate the consumets' new optimal bundles. In each diagram, add a budget line and illustrate the substitution and the income effect of the higher price of X on Oliver's and on Hardy's purchases