3. A consumer must divide $600 between goods X and Y.Px = $ 10 and Py = $40.

a. Write the equation of the budget line.

b. Graph the consumer's opportunity set and budget line.

c. Add a second budget to your graph, now and show how the consumer's opportunity set changes when the price of good X increases to $20.

d. How does this change the market rate of substitution or slope of the budget line?

l. A consumer has $303 to spend on goods X and Y. The market prices of these goods are P}; = $15 and Ex: 35.\" a. Find the market rate of suhsttituttion'Z't-l to. Find the consumer's opportunity sets!-l c. Graph the opportunityr set and budget line.