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In the Economy of Mungo, There Is a Third Person

question 9

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In the economy of Mungo, there is a third person called Ike.Ike has a red income of 56 and a blue income of 10.Recall that blue prices are 1 bcu (blue currency unit) per unit of ambrosia and 1 bcu per unit of bubble gum.Red prices are 2 rcus (red currency units per unit of ambrosia and 6 rcus per unit of bubble gum.You have to pay twice for what you buy, once in red currency, once in blue currency.If Ike spends all of his blue income but not all of his red income, he must consume


Definitions:

Egocentric

Focused on oneself and one's own needs or interests, often without regard for others.

Social Speech

Speech intended to be understood by a listener.

Fast Mapping

Process by which a child absorbs the meaning of a new word after hearing it once or twice in conversation.

Scaffolding

Temporary support to help a child master a task.

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