Suppose a consumer can afford to buy 6 units of Good-1 and 8 units of Good-2 if she spends her entire income. The prices of the two goods are Rs.6 and Rs.8 respectively. How much is the consumer's income?
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Latika spends 45% of her monthly income on food and 30% of the monthly income on transport. Remaining amount Rs.4500 She saves.
(b) Percentage of imcome saved = 100 – (45 + 30) = 25% 25% of x = 4500 x =4500 * 100/25 =18000
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Kajal spends 55% of her monthly income on grocery, clothes and education in the ratio of 4 : 2 : 5 respectively.
(a) Ratio of Expenses = 4 : 2 : 5, therefore amount spend on clothes, i.e. 2x = 5540 ∴ x = 2770 Total exp = (4 + 2 + 5)x = 11x = 11...
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Your grandmother feels she has reduced her upper body flexibility and therefore she wants to test herself, which test would you suggest her ?
Back scratch test for upper body flexibility
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Suppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2 if she spends her entire income.
P1 = Rs. 6 P2 = Rs. 8 x1 = 6 x2 = 8 Budget line = M = P1x1 + P2x2 M = 6 x 6 + 8 x 8 M = 36 + 64 M...
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Price elasticity of demand of a good is (-) 1. The consumer spends Rs.50 on the good at the prevailing price.
Given, eD = - 1 In this case, when elasticity of demand is (-) 1, total expenditure will remain constant. Given, Total expenditure = Rs.50 TE does not change When...
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Suppose a consumer can afford to buy 6 units of Good-1 and 8 units of Good-2 if she spends her entire income.
Budget equation is given as : PxX+PyY=M Let Good-1 be X and Good-2 be Y Putting the values, we get : (6).(6) + (8).(8) = 36 + 64= Rs.100
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Sunita took her niece, Aishwarya for shopping to 'Benetton' to buy her a dress on the occasion of her birthday.
Usable Benefit
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Mansi took her niece, Ridhima, for shopping to 'Mega Stores' to buy her a bag for her birthday.
Product combination
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Palak went to a shopkeeper to buy a hair oil. The shopkeeper forced her to buy a particular brand of hair oil among various available brands
The right violated here is 'Right of Choose'. Right to Choose: The consumer has the freedom to choose from a variety of products at a competitive prices. This implies that...
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Kristin received a CD player for her birthday. She bought 3 CDs and received 5 others as gifts. What fraction of her total CDs did she buy
Total number of CDs = 3 + 5 = 8 Number of CDs purchased = 3 Fraction of CDs purchased = 3/8 Fraction of CDs received as gifts = 5/8
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