Problem
Draw an indifference map again, in conjunction with a set of budget constraints. This time the budget constraints should each have a different price of good X and the same price for good Y.
(a) Draw in the resulting equilibria or tangencies and join up all of these points. You have just constructed a price-consumption curve for good X. Can you understand why the curve is so called?
(b) Now repeat part (a), but keep the price of X constant and permit the price of Y to vary. The resulting set of equilibrium points will form a price consumption curve for good Y.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.