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19 September, 18:57

A farmer is given $100 to buy 100 farm animals a cow cost $1.00 a sheep cost $.50 and a horse cost $1.00 how can the farm spend the money without going over

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  1. 19 September, 19:28
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    Few animal combinations of 3 animals given income & prices : - Only one of cow, horse, or ship bought; less than 100, 200, 200 respectively.

    Step-by-step explanation:

    Budget Set is the combination of goods, which can be afforded by a consumer, given money income & prices.

    Given : Budget Income = 100

    Cow Price (C) = 1; Sheep Cost (S) = 0.5; Horse Cost (H) = 0.5

    Maximum number of either cow, or sheep, or horse only that Farmer can buy with given prices & budget income (not buying the other ones) : -

    C = 100 / 1 = 100 S = 100 / 0.5 = 200 H = 100 / 0.5 = 200

    So, some animal combination, that farmer can buy with available income budget & given prices : -

    (C, 0, 0); where C < 100 (0, S, 0); where S < 200 (0, 0, H); where H < 200
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