uppose there are two products, X1 and X2 and prices of these products are P1 and P2 respectively. Total income is denoted as M. Now if X1 is consumed more than X1' then P1' < P1. What will happen to the budget line? * 1 point the budget line will become vertical after X1' the budget line will remain unchanged the budget line will become steeper after X1' the budget line will become flatter after X1' Suppose there are two products, X1 and X2 and prices of these products are P1 and P2 respectively. Total income is denoted as M. What will happen to the budget line if P1 increases by 10% and P2 also increases by 20%? * 1 point the budget line will shift inwards the slope will be steeper than the original budget line the slope will be flatter than the original budget line the budget line will remain unchanged Suppose there are two products, X1 and X2 and prices of these products are P1 and P2 respectively. Total income is denoted as M. What will happen to the budget line if P1 and P2 increase by 10% and income decreases by 10%? * 1 point the budget line will remain unchanged the budget line will shift outwards the budget line will rotate anti-clockwise the budget line will shift inwards Suppose there are two products, X1 and X2 and prices of these products are P1 and P2 respectively. Total income is denoted as M. What will happen to the budget line if additional coupons are received for X2? * 1 point the maximum amount of X1 and X2 that can be consumed will increase the maximum amount of X1 will increase but the maximum amount of X2 will remain unchanged the maximum amount of X1 and X2 that can be consumed will decrease the maximum amount of X2 will increase but the maximum amount of X1 will remain unchanged Suppose there are two products, X1 and X2 and prices of these products are P1 and P2 respectively. Total income is denoted as M. What will happen to the budget line if P1 increases by 10% and P2 decreases by 20%? * 1 point the slope will be flatter than the original budget line the budget line will shift inwards the slope will be steeper than the original budget line the budget line will remain unchanged Suppose there are two products, X1 and X2 and prices of these products are P1 and P2 respectively. Total income is denoted as M. Now if X1 is consumed more than X1' then P1' > P1. What will happen to the budget line? * 1 point the budget line will become flatter after X1' the budget line will remain unchanged the budget line will become steeper after X1' the budget line will become vertical after X1' Suppose there are two products, X1 and X2 and prices of these products are P1 and P2 respectively. Total income is denoted as M. What will happen to the budget line if P1 increases by 10% and P2 decreases by exactly 10%? * 1 point the slope will be flatter than the original budget line the slope will be steeper than the original budget line the budget line will shift inwards the budget line will remain unchanged Suppose there are two products, X1 and X2 and prices of these products are P1 and -P2 respectively. The price of X2 is negative meaning X2 is an undesired product. Total income is denoted as M. What will be true about the budget constraint? * 1 point the budget line will be upward sloping with a negative X2 intercept the budget line will be upward sloping with a negative X1 intercept the budget line will be upward sloping with a positive X2 intercept the budget line will be downward sloping Suppose there are two products, X1 and X2 and prices of these products are P1 and -P2 respectively. The price of X2 is negative meaning X2 is an undesired product. Total income is denoted as M. What will be the equation of the budget constraint? * 1 point P1X1 = M + P2X2 PIX1 = M - P2X2 P2X2 = M - P1X1 P2X2 = M + P1X1 Suppose there are two products, X1 and X2 and prices of these products are P1 and P2 respectively. Total income is denoted as M. What will happen to the budget line if P1, P2 and M all increase by 10%? * 1 point the budget line will rotate clockwise the budget line will shift outwards the budget line will shift inwards the budget line will remain unchanged