[Step-by-Step] A consumer must divide $250 between the consumption of product X and product Y. The relevant market prices are P_x=,) 5$ and P_y=,) 10$.
Question: A consumer must divide $250 between the consumption of product \(X\) and product \(Y\). The relevant market prices are \(P_{x}=\\) 5$ and \(P_{y}=\\) 10$.
\(a\). Write the equation for the consumer's budget line.
b. Illustrate the consumer's opportunity set in a carefully labeled diagram.
c. Show how the consumer's opportunity set changes when the price of good \(X\) increases to $10. How does this change alter the market rate of substitution between goods \(X\) and \(Y\) ?
Deliverable: Word Document 
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