If the Consumer's Budget Constraint Is Given by 10F

question 36

Multiple Choice

If the consumer's budget constraint is given by 10F + 5S = 100 where F is food and S is shelter, how much food can he buy if he purchases 2 units of shelter?

• A)10
• B)5
• C)20
• D)9

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Definitions:

Chain of Customers

The sequential stages through which a product or service passes, from production to final purchase by the end consumer.

Entrepreneurship

A way of thinking, acting, and being that combines the ability to find or create new opportunities with the courage to act on them.

Traditional Marketing

Marketing strategies and tactics that rely on traditional channels such as print ads, television commercials, radio, and direct mail.

Supply and Demand

A fundamental economic concept describing the balance between the quantity of a commodity available and the quantity of that commodity people want, determining its market price.