Essay
Suppose an individual's income is $1,000,and all of it is spent on food and clothing.If the price of food is $10 and the price of clothing is $25,calculate the maximum amount of food that can be consumed.Do the same for clothing.Finally,calculate how much food and clothing can be consumed if half of the income is spent on each.
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Maximum food = $1,000/$10 = 10...View Answer
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Correct Answer:
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