Suppose price of X goods is Rs 400 and Y goods is Rs 200 and consumer budget constraint is Rs 4,000. a. Draw the consumer's budget line and show the consumer's equilibrium position under the equal…

Suppose price of X goods is Rs 400 and Y goods is Rs 200 and consumer budget constraint is Rs 4,000. a. Draw the consumer's budget line and show the consumer's equilibrium position under the equal allocation of the budget between X and Y goods. b. Assume that price of X goods falls from Rs 400 to Rs 300, sketch the new budget line. Also show the new equilibrium point when consumer allocates Rs 2,400 on X goods and Rs 1,600 on Y goods. c. Draw the price consumption curve and demand curve of X goods.