Let consumer budget constraint is Rs 40,000, price of X goods is Rs 800 per units and price of Y goods is Rs 1600 per unit respectively. a) Sketch the consumer's budget constraint. Suppose that…

Let consumer budget constraint is Rs 40,000, price of X goods is Rs 800 per units and price of Y goods is Rs 1600 per unit respectively. a) Sketch the consumer's budget constraint. Suppose that consumer splits his/her income equally between X and Y goods. Show, where the consumer ends up on the budget constraint? b) Suppose that price of X falls from Rs 800 to Rs 400 price of Y and budget remains constant, sketch the new budget constraint facing the consumer. Suppose, after fall in price of X, consumer spends Rs 24,000 on X goods and Rs 16,000 on y Goods. Show, where the consumer ends up on the new budget constraint? c) Derive the price consumption curve and also explain the nature of X and Y goods.