Raju has Rs 1000/- with him
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no he cannot satisfy all his wants because these things will be so expensive and he also want to buy a smart phone which would be above at the price of 1000/.
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In the given question, the information provided to us is that, Raju has Rs 1000/- with him. The answer to the question is as follows.
In the first question, Raju wants to purchase a shirt, trouser, pair of shoes, watch and a smart phone with the stipulated amount given. This is not practically possible.
Judging by the present market scenario, the prices of most of the products mentioned is way above the given amount. So, it is impossible to buy all the items that Raju desires.
The definition in Economics which can be applied here is Judgement of Current value system.
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