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Consider the consumer budget set given as: 600 23 X+6Y Illustrate the budget set in diagram. What happens to the budget set if prices

Consider the consumer budget set given as: 600 23X+6Y Illustrate the budget set in diagram. What happens to

Consider the consumer budget set given as: 600 23 X+6Y Illustrate the budget set in diagram. What happens to the budget set if prices of both goods double and income also doubles? What happens to the budget set if price of X doubles? [Show in diagram] What happens if price of Y doubles? [Show in diagram] What happens if consumer income decreases by 25%? [Show in diagram]

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