Asked by
Prashant gupta
on Oct 14, 2024
Verified
if you could exactly afford either 2 units of x and 11 units of y, or 4 units of x and 7 units of y, then if you spent all of your income on y, how many units of y could you buy?
A) 19
B) 15
C) 11
D) 6
E) None of the above.
Units of Y
A generic term for measuring quantities of a variable "Y," which can represent anything from physical products to abstract concepts in various contexts.
Units of X
A measurement or quantity of something (X), often used in economic analysis to discuss production, consumption, or other variables.
Income
The money received, typically on a regular basis, for work or through investments.
- Familiarize yourself with the essence of a spending limit line and the approach to determine the combinations of purchases feasible within a given financial plan.
- Grasp the fundamental idea of opportunity cost by investigating the trade-offs that come with different consumption choices.
Verified Answer
LM
Learning Objectives
- Familiarize yourself with the essence of a spending limit line and the approach to determine the combinations of purchases feasible within a given financial plan.
- Grasp the fundamental idea of opportunity cost by investigating the trade-offs that come with different consumption choices.