A consumer has $300 to spendon goods X and Y. The market prices ofthese 2 goods are Px = $15 and Py = $5

a.What is the market rate of substitution between goods X and Y?

b.Illustrate the consumer's opportunities set in a carefully labeled diagram.

c.Show how the consumer's opportunity set changes if income increases by $300. How does the $300 increase in income alter the market rate of substitution between goods X and Y.