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For Alexi, coffee and tea are perfect substitutes. One cup of coffee is equivalent to one cup of tea. Suppose Alexi has $90/month to spend on these beverages, and coffee costs $0.90/cup while tea costs $1.20/cup. Find Alexi's best affordable bundle of tea and coffee. How much could the price of a cup of coffee rise without harming her standard of living?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M962162

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