7 The Chuzzlewits have an income of $m per week. Let x be food and let y be all other goods. Let px be the price of food and py be the price of other goods. They can use food stamps to buy food at a price of px(1s) for up to x* units of food per week. If they buy more food than x*, they have to pay the full price, px for additional units. Their weekly income is greater than px(1 s)x. The maximum amount of food that they can buy per week is: (a) x +(m=px) (b) (m + x)=px (c) (m=px)+sx (d) m=(1 s)px (e) (m + px)=(1 s)p answer is c, please show working

7 The Chuzzlewits have an income of $m per week. Let x be food and let y be all other goods. Let px be the price of food and py be the price of other goods. They can use food stamps to buy food at a price of px(1s) for up to x* units of food per week. If they buy more food than x*, they have to pay the full price, px for additional units. Their weekly income is greater than px(1 s)x. The maximum amount of food that they can buy per week is: (a) x +(m=px) (b) (m + x)=px (c) (m=px)+sx (d) m=(1 s)px (e) (m + px)=(1 s)p answer is c, please show working

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section3.1: What Is Demand

Problem 1ST

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