Miss Muffet insists on consuming 2 units of whey per 1 unit of curds. The price...
Miss Muffet insists on consuming 2 units of whey per 1 unit of curds. The price of curds is $5 and the price of whey is $3, then if Miss Muffet’s income is m. Calculate her demand for curds will be
PLEASE SHOW ALL WORK
Homework Answers
price of curd = 5, price of whey = 3
income = m
Let consumption of curd be c & whey be w, then
Budget line : 5c + 3w = m
c/w = 1/2
w = 2c
putting this value into budgetl line
5c + 3*2 c = m
11c =m
c = m / 11
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