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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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