Asked by
Mustafa Kaakarli
on Nov 26, 2024
Verified
Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of an apple is $1.50 and the price of a banana is $0.75. If the consumer spent all of her budget on just apples or just bananas, how many apples or bananas maximum would she be able to buy?
A) 12 apples or 8 bananas
B) 8 apples or 12 bananas
C) 16 apples or 12 bananas
D) 8 apples or 16 bananas
Given Budget
An allocated amount of financial resources set aside for a specific purpose or period.
Apples
Edible fruits produced by an apple tree, commonly consumed worldwide, and used in a variety of culinary dishes.
- Acquire knowledge on the subject of budgetary restrictions and consumer decision-making processes under conditions of resource scarcity.
Verified Answer
SS
Learning Objectives
- Acquire knowledge on the subject of budgetary restrictions and consumer decision-making processes under conditions of resource scarcity.