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A consumer shares her income 1000 between the consumption of product X and product Y. The relevant market prices are Px = 15 and Py

A consumer shares her income 1000 between the consumption of product X and product Y. The relevant market prices are Px = 15 and Py = 20. a. Write the equation for the consumer's budget line.What is the MRS between goods X and Y?. b. Show graphically how the consumer's choice changes when the price of good X increases to 25. c. What is the essence of the discussion about substitution and income effect?

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