2. Use indifference curves and budget lines to derive the demand for good X graphically provided that the demand for X is very inelastic but not perfectly inelastic. You need to show this using two...

Extracted text: 2. Use indifference curves and budget lines to derive the demand for good X graphically provided that the demand for X is very inelastic but not perfectly inelastic. You need to show this using two graphs: in one on the left show the appropriate indifference curves and budget lines, in the other show the derived demand. Label the axes, prices, quantities, optimal consumption bundles appropriately so the relationship between the graphs becomes evident.