In Solved Problem 4.5, if the generic bleach increases its strength to equal that of Clorox without
Question:
In Solved Problem 4.5, if the generic bleach increases its strength to equal that of Clorox without changing its price, what bundles will Chris buy if the price of Clorox is \(\$ 3\) or \(\$ 2\) ?
Data From Solved Problem 4.5:-
The Concentration of active ingredient, sodium hypochlorite, in Clorox is twice that of the generic brand. Consequently, Chris views one cup of Clorox to be a perfect substitute for two cups of the generic. If Clorox costs \(\$ 3\) gallon, the generic costs \(\$ 1\), and Chris allocates \(Y=\$ 6\) per year for bleach, what bundle does Chris buy? If the price of Clorox falls to \(\$ 2\), how does Chris' behavior change?
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In Solved Problem 45 we found that Chris would consume 3 units of the generic bleach and 15 units of ...View the full answer
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