Asked by
Babette Minnaar
on Oct 14, 2024Verified
if you could exactly afford either 4 units of x and 27 units of y, or 9 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) 23
B) 63
C) 43
D) 13
E) None of the above.
Units of Y
A term often used in economics and mathematics to denote a measure or quantity of a variable, typically represented on the vertical axis in graphs.
Units of X
A measure or quantity of something, especially as a standard for measurement of the same items.
Income
The money received by an individual or business in exchange for labor, services, or investment, constituting the financial gain derived from various sources over a period of time.
- Get acquainted with the concept of a fiscal demarcation and learn how to estimate the permutations of goods buyable with an allotted income.
- Attain knowledge about the principle of opportunity cost through the study of trade-offs in consumption choices.
Verified Answer
EV
Learning Objectives
- Get acquainted with the concept of a fiscal demarcation and learn how to estimate the permutations of goods buyable with an allotted income.
- Attain knowledge about the principle of opportunity cost through the study of trade-offs in consumption choices.