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PZ = RM10. 3. Suppose a consumer has an income of RM 500 and faces prices PX = RM5 and a) Write the equation for

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PZ = RM10. 3. Suppose a consumer has an income of RM 500 and faces prices PX = RM5 and a) Write the equation for the budget constraint. [2 marks] b) Draw the budget constraint, placing good X on the horizontal axis. Label it BC. [3 marks] C) What is the slope of BC? [2 marks] d) Suppose income decreases to RM300. Draw the new budget constraint and label its RS. [3 marks]

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