SELECT * FROM question_mgmt as q WHERE id=10213 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=609 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

Suppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2
if she spends her entire income. The prices of the two goods are Rs 6 and Rs 8
respectively. How much is the consumer’s income?

Answer:

P1=Rs.= 6
P2=Rs. =8
X1=6
X2=8
Budget line = M = P1X1+P2X2
M = 6 × 6 + 8×8
M = 36 ÷ 64

M = 100
Thus, the consumer’s income is Rs 100.


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