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give me this answers Question. 1: Suppose a consumer has the indifference map shown below. The relevant budget line is L Z The price of

give me this answers

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Question. 1: Suppose a consumer has the indifference map shown below. The relevant budget line is L Z The price of good Y is $10. a. What is the consumer's income? b. What is the price of X? c. What combination of X and Y will the consumer choose? Why? e. Explain in terms of the MRS why the consumer would not choose combinations designated by A or B. f. Suppose the budget line pivots to LM, income remaining constant. What is the new price of X? W hat combination of X and Yis now chosen? (5 Marks) 60 50 Quantity of Y 40 H 30 20 10 A 20 30 50 60 70 80

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