Question

A consumer can buy 10 units of good 1 and 20 units of good 2, if she spends her entire income. If the prices of the two goods are Rs. 10 per unit and Rs. 20 per unit, calculate the income of the consumer.​

Answer 1

Explanation:

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Answer 2

Answer:

A budget is given by the equation is

M=P1X1+P2X2

here,P1=₹10

X1=₹20

P2=₹20

X2=₹10

M=?

substitute appropriate values in (1),we get

M=₹20(10)+10(20)

=₹200+200

=₹400

Thus the consumer income is ₹400