# Assume M = \$400, Px = \$1, and Py = \$4.Graph the budget constraint with a solid line.Label both axes and intercepts.Now assume income falls to \$200…

1. Assume M = \$400, Px = \$1, and Py = \$4. Graph the budget constraint with a solid line. Label both axes and intercepts. Now assume income falls to \$200 and prices are constant. Draw the new budget constraint on the same axes as a dotted line. Label the new intercepts.

2. Assume M = \$90, Px = \$2, and Py = \$3. Graph the budget constraint with a solid line. Label both axes and intercepts. Now assume income is constant, Px decreases to \$1 and, and Py increases to \$4. Draw the new budget constraint on the same axes as a dotted line. Label the new intercepts.

3. Assume M = \$200, Px = \$2, and Py = \$1. Assume income is constant, Px decreases to \$1.50, and Py decreases to \$0.75. This change in prices is equivalent to changing income by what dollar amount?

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