(Answered) Draw 2 graphs for consumer maximization using a budget line

Management Studies

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.

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Business Management, Management Studies

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