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Jim sees commuting by bus and T as perfect substitutes (U = T +B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00. Jim has $6.00 to spend on commuting. What is
1 Jims best a?ordable choice? By how much can T ticket prices increase without making Jim worse o??

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9889097

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