7. Consider the figure below, which shows the budget constraint and theindifference curves of good King Zog. Zog is in equilibrium with an income of300, facing pricespx = 4 and py =10.Y3022.5CEFX3035 43 7590120a. How much X does Zog consume?b. If the price of X falls to2.50, while income and the price of Y stay constant, howmuch X will Zog consume?c. How much income must be taken away from Zog to isolate the Hicksianincome and substitution effects (i.e., to make him just able to afford to reach
7. Consider the figure below, which shows the budget constraint and t…
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