Jamal consumes only two goods: lollipops and chewing gum. He treats these two goods as perfect substitutes, with one lollipop being a perfect substitute for a pack of chewing gum, Initially, the price of a lollipop is $2.50, while packs of chewing gum are $6.25 each. Jamal has $20 per week to spend on these two goods. Suppose the price of chewing gum decreases to $3.75. In your responses, give your answer to two decimal places.

Jamal consumes only two goods: lollipops and chewing gum. He treats these two goods as perfect substitutes, with one lollipop being a perfect substitute for a pack of chewing gum, Initially, the price of a lollipop is $2.50, while packs of chewing gum are $6.25 each. Jamal has $20 per week to spend on these two goods. Suppose the price of chewing gum decreases to $3.75. In your responses, give your answer to two decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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