You have a monthly income of 500 dollars. You want to spend your income on party drinks and newdance music. The price of party drinks are 5 dollars each. New dance music costs 1 dollar each.Draw your budget constraint and a reasonable indifference curve. On the same graph, show whatwould happen if the cost of new dance music increased to 2 dollars each with a new budget constraintand indifference curve. Illustrate how the change in quantity breaks down into the substitution and income effects this question will appear on my next exam and worst 30 points, so plz answer according to the 30 points (30/100)