Finance help please

[dickysukardi88]

A consumer must devide $250 between the consumption of product X and product Y. The relevant market prices are Px = $5 and Py=$10.

a. Write the equation for the consumer’s budget line
b. Illustrate the consumer’s opportunity set in a carefully labeled diagram
c. Show how the consumer’s opportunity set chages when the price of good X increases to $10. How does this change alter the market rate of subtitution between good X and Y?

Help Me please

 

[stapel]

A consumer must devide $250 between the consumption of product X and product Y. The relevant market prices are Px = $5 and Py=$10.

a. Write the equation for the consumer’s budget line

What is the definition of a "budget line"? Given the total available of 250 and the values for the two items, what line reflects this definition? (Hint: You could start by considering what must be the intercept values for that line.)

b. Illustrate the consumer’s opportunity set in a carefully labeled diagram

What is the definition of an "opportunity set"? What inequality graph would represent this set?

c. Show how the consumer’s opportunity set chages when the price of good X increases to $10.

What new graph do you get if Px = $10?