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Q6. (10 points) Phil Mickelson can earn income by giving golf lessons for $60 per hour. In addition, he receives $300 per day from his coffee company. Q6.1 (5 points) What is his budget constraint equation? Draw the graph as well. Hint: the only letters you see in the equation should be X and z. Label the axes and intercepts in the graph. Q6.2 (5 points) Let's say Phil won the US Open and more people demand Phil's golf lesson. Now, Phil earns $80 per hour from giving golf lessons. What is Phil's new budget constraint? Draw the graph as well. Hint: the only letters you see in the equation should be X and z. Label the axes and intercepts in the graph. Q7.1) (2 points) Is the following statement true or false? According to the Ramsey rule, to minimize the dead weight loss we should tax on goods that have elastic demand. Q7.2) (2 points) Is the following statement true or false? The marginal revenue of wins is higher for a small market team like the Kansas City Royals than for a big market like the New York Yankees. Q7.3) (2 points) Fill in the blank. allows us to illustrate competitive balance graphically. Q7.4) (2 points) Name two negative externalities associated with having a new sports stadium built in a city. Q7.5) (2 points) What is the Nash Equilibrium for the following game? Left Right Top -4, 4 1, -8 Bottom -8, 1 -2, -2