Draw 2 graphs for consumer maximization using a budget line and indifference curves.SHow Good X and X-axis and good y-axis.Also,use Px as price of Y with M as income.
On the first graph, show the effect of an increase in price of good X on Consumer Maximization, if goods x and y are substitutes.
On the second graph, show the effect of a decrease in consumer's income on consumer maximization if good y is a normal good but good x is an inferior good.