Question: Please explain in detail because I need to study for a test. A consumer has an income of $400 and is deciding between two products:
Please explain in detail because I need to study for a test.

A consumer has an income of $400 and is deciding between two products: X and Y. Assume that the X product is the horizontal axis product. The price of X is $10 and the price of Y is $2. Assume the consumer currently wants to consume 50 units of product Y to maximize his utility. a) Write out the equation to this consumers budget line. Wrist is the slope to this budget constraint? (5) a) How much of X and Y will the consumer consume to maximize his utility subject to his budget constraint. (5) 1) Now assume the p 'ce of X changes to $5 and price of Y and Income Stays the same. At the new price, the consumer wants to buy 60 units of product X to maximize her utility given her budget. How much X and Y will the consumer consume to maximize utility. mm. Draw the before and after the change of the budget constraint and indierence graph on the same graph Space. Show all necessan' points. Lahe] clearly. (I55
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