Originally the consumer faces the budget line p1x1 p2x2 m, Business Economics

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Originally the consumer faces the budget line p1x1 p2x2 m

Originally the consumer faces the budget line p1x1 + p2x2 = m. Then the price of good 1 triples and the price of good 2 becomes 5 times larger.

Write down an equation for the new budget line in terms of the original prices. Does the budget line become flatter or steeper?

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Business Economics: Originally the consumer faces the budget line p1x1 p2x2 m

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