Business, 20.01.2020 20:31 coopera1744

This question allows you to evaluate how to think about the welfare of consumers. assume a consumer's welfare is driven by what he/she consumes. suppose there are only two types of goods to consume: food and leisure. an average californian citizen has a daily income of $100. the price of one meal of food is $20 and the price (or value) of one unit of leisure is $10. an average citizen in mississippi has a daily income of $50. the price of one unit of food is $10 and the price (or value) of one unit of leisure is $10. who is more well-off in terms of the bundles of goods they can consume? (hint: draw budget sets.)

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This question allows you to evaluate how to think about the welfare of consumers. assume a consumer'...

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