Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. For this consumer, the opportunity cost of buying one more apple is
Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. For this consumer, the opportunity cost of buying one more apple is
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 12PA
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Question
![38//
Assume that a consumer has a given budget or income of $10 and that she can
buy only two goods, apples or bananas. The price of an apple is $2.00 and the
price of a banana is $1.00. For this consumer, the opportunity cost of buying
one more apple is](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65a8e990-5360-43af-b3a8-27c1c40fb79a%2F99f34dd9-454d-4b14-8030-bc982788ae46%2Fnkahevg_processed.png&w=3840&q=75)
Transcribed Image Text:38//
Assume that a consumer has a given budget or income of $10 and that she can
buy only two goods, apples or bananas. The price of an apple is $2.00 and the
price of a banana is $1.00. For this consumer, the opportunity cost of buying
one more apple is
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