please show all calculations Draw a budget line with good X on the x-axis and Good Y on the Y axis. Graphically illustrate the effect of an increase in the price of good X on the utility maximizing quantity of X consumed. Make sure you identify the income effect and the substitution effect. Assume that the good is a normal good

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Author:N. Gregory Mankiw
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Chapter21: The Theory Of Consumer Choice
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4 .please show all calculations

Draw a budget line with good X on the x-axis and Good Y on the Y axis. Graphically illustrate the effect of an increase in the price of good X on the utility maximizing quantity of X consumed. Make sure you identify the income effect and the substitution effect. Assume that the good is a normal good

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