7.The price of DVDs (D)is $20 and the price of CDs (C)is $10.Philip has a budget of tospend on the two goods.Suppose that he has already bought one DVD and on In addition there are 3 more DVDs and 5 more CDs that he would really like to buy. Given the above prices and income,draw his budget line on a graph with CDs on the horizontal axis. His budget line is P D+PC=1,or 20D+10C-100.If he spends his reinme on DVD's he could afford to buy 5.If he spends his e eon CD's he could afford to buy 10. Considering what he has already purchased,and what he still wants to purchase,identify the three different bundles of CDs and DVDs that he could choose.Assume that he cannot purchase fractional units for this part of the question. Given he has already purchased one ofeach for a total of0 he has$70 left.Since he wants 3 more DVD's he can buy these for $60 and spend his remaining $10 on 1 CD.This is the first bundle below.He could also choose to buy only 2 DVD's for $4o and spend the remaining s30 on 3 cD's He can choose the following bundles: Purchased Quantitie Total Quantitie D C DC 3126 2334 15 42 7. The price of DVDs (D) is $20 and the price of CDs (C) is $10. Philip has a budget of $100 to spend on the two goods. Suppose that he has already bought one DVD and one CD. In addition there are 3 more DVDs and 5 more CDs that he would really like to buy. a. Given the above prices and income, draw his budget line on a graph with CDs on the horizontal axis. His budget line is  PDD+PCC = I , or 20D+10C=100. If he spends his entire income on DVD’s he could afford to buy 5. If he spends his entire income on CD’s he could afford to buy 10. b. Considering what he has already purchased, and what he still wants to purchase, identify the three different bundles of CDs and DVDs that he could choose. Assume that he cannot purchase fractional units for this part of the question. Given he has already purchased one of each, for a total of $30, he has $70 left. Since he wants 3 more DVD’s he can buy these for $60 and spend his remaining $10 on 1 CD. This is the first bundle below. He could also choose to buy only 2 DVD’s for $40 and spend the remaining $30 on 3 CD’s. He can choose the following bundles: Purchased Quantities Total Quantities D C D C 3 1 2 6 2 3 3 4 1 5 4 2