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Suppose an individual has an income of $15 per time period, the price of good X is $1 and the price of good Y is also $2. That is, I = $15, PX = $1, and PY = $2. a. Write the equation of the budget line of this individual in the form that indicates that the amount spent on good X plus the amount spent on good Y equals the individual's income.
b. Write the equation of the budget line in the form that you can read off directly the vertical intercept and the slope of the line.
c. Plot the budget line.
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