Determine the jacks best affordable choice, Macroeconomics

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Determine the jacks best affordable choice

Jack sees commuting by train and bus as perfect substitutes (U = B + T), that is, he would exchange 1 commute by bus for 1 commute by train. The price of a bus ticket is $1.50 and the price of a train ticket is $ 2.00. Jack has $6.00 to spend on commuting. Determine the Jack's best affordable choice? By how much can train ticket prices increase without making Jack worse off?

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Macroeconomics: Determine the jacks best affordable choice

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Macroeconomics: Determine the jacks best affordable choice

Reference No:- TGS0873241

Have a Question? (oR Write a Review)

Recent Questions Asked Macroeconomics

Q : Determine the best year in terms of real income

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Request for Solution File

Ask an Expert for Answer!!

Macroeconomics: Determine the jacks best affordable choice

Reference No:- TGS0873241

Recent Questions Asked Macroeconomics

Q : Determine the best year in terms of real income

Q : Discuss how much nominal income would you require

Q : Discuss what will be the growth in demand for rental units

Q : Determine a property that two arbitrary sets

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