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(10%) Use a single diagram for goods W and V to explain how a consumer's utility maximizing bundle of goods would change with an increase
(10%) Use a single diagram for goods W and V to explain how a consumer's utility maximizing bundle of goods would change with an increase in the price of W. Show the quantity of W along the horizontal axis and the quantity of V along the vertical axis. Show two interior solutions (one before the price change and one after) with indifference curves that are convex to the origin and, of course, show the budget line before and after the increase in the price of W. Carefully label your diagram and explain it using complete sentences
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