Inayah is a rational consumer who consumes milk and cookies only from her monthly income of Rs. 1,500. If the price of milk is Rs. 500 per liter and the price of one pack of cookie is Rs. 300, answer the following questions: If Inayah spends all of her income on consuming one good, find: 1.how much cookies she could afford? 2.how much milk she could consume?
Inayah is a rational consumer who consumes milk and cookies only from her monthly income of Rs. 1,500. If the price of milk is Rs. 500 per liter and the price of one pack of cookie is Rs. 300, answer the following questions: If Inayah spends all of her income on consuming one good, find: 1.how much cookies she could afford? 2.how much milk she could consume?
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 3P
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Inayah is a rational consumer who consumes milk and cookies only from her monthly income of Rs. 1,500. If the price of milk is Rs. 500 per liter and the price of one pack of cookie is Rs. 300, answer the following questions:
If Inayah spends all of her income on consuming one good, find:
1.how much cookies she could afford?
2.how much milk she could consume?
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