Imagine a species of butterfly that comes in a variety of colors how can this type of diversity affect the population

It can potentially wipe out the population of a certain colour of butterfly.

A population is the number of living things that live together in the same place.

So a specie of butterfly with such color diversity can effect population in many ways

as it provides the population with color diversity.

Increases population phenotype diversity. Without this there will be no color diversity in population. Butterflies adapted to different environments.