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A consumer is indifferent between the following combinations of apples and oranges (table 1)
A consumer is indifferent between the following combinations of apples and oranges (table 1).
Table 1. Bundles of apples and oranges, equally preferred by the consumer.
|
Apples 10 11 12 13 14 Oranges 15 11 8 5 3 |
If the consumer decides to purchase 12 apples and 8 oranges, what could be the ratio of the price of apples to the price of oranges?
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