Amy has $20 a week to spend on coffee and cake. The price of coffee is $4 a cup, and the price of cake is $2 a slice. Calculate Amy's real income in terms of cake. Calculate the relative price of cake in terms of coffee. Amy's real income in terms of cake is The relative price of cake in terms of coffee is

Amy has $20 a week to spend on coffee and cake. The price of coffee is $4 a cup, and the price of cake is $2 a slice. Calculate Amy's real income in terms of cake. Calculate the relative price of cake in terms of coffee. Amy's real income in terms of cake is The relative price of cake in terms of coffee is

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter16: Measuring The Cost Of Living

Section: Chapter Questions

Problem 3CQQ

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