A consumer must divide 600 between consumption of products, Business Economics

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A consumer must divide 600 between consumption of products

A consumer must divide $600 between consumption of products X and product Y. The relevant market prices are Px = $10 and Py = $40. a. Write the equation for the consumer's budget line. b. Illustrate the consumer's opportunity set in a carefully labeled diagram. c. Show how the consumer's opportunity set changes when the price of good X increases to $20. How does this change alter the market rate of substitution between goods X and Y?

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