Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter2: Choice In A World Of Scarcity
Section: Chapter Questions
Problem 19CTQ: Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers...
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Step 1
Natalie bought a sandwich and a hot cider for lunch. Let the number of sandwich be x and price she paid for a sandwich be Px. And the number of cider by y and the price she paid for a cider be Py.
Since we know, she bought a single sandwich a single cider. That is, x=1 and y=1
Also, she total spent $10.25 on the whole lunch. Therefore, her total spent can be represented as the following equation.
Where,
x=sandwich=1
y=cider=1
Px= price of a sandwich
Py= price of a cider
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