Question
Kiran spent 12% of his monthly income on education, 28%
on entertainment, 15% on rent, 30% on travelling and the rest on savings. If the difference between the amount spent on travelling and the amount spent on savings is Rs. 5400, then find the amount spent on entertainment.Solution
ATQ, Let monthly income of Kiran be Rs. βxβ Amount spent on education = Rs. 0.12x Amount spent on entertainment = Rs. 0.28x Amount spent on rent = Rs. 0.15x Amount spent on travelling = Rs. 0.30x Amount spent on savings = x β (0.12x + 0.28x + 0.15x + 0.30x) = Rs. 0.15x According to the question, 0.30x β 0.15x = 5400 0.15x = 5400 x = Rs. 36,000 Amount spent on entertainment = 28% of 36,000 = Rs. 10,080
Economists generally believe that making assumptions is
An economist calculated the cross-price elasticity of demand for nicknacks and gizmos and got -0.5. What can she conclude about the relationsh...
Consider the following:
Statement 1: There exists an inverse relationship between market rates of interest and price of bond
Statement 2: ...
By _____________ economists refer to an unanticipated inflation that reduces the real value of outstanding government debt.
The JAM (Jan-Dhan, Aadhaar, and Mobile) trinity has significantly contributed to which of the following in India?
Consider the following production function
Y = F(K,AL) = K1/3(AL)2/3
Calculate the steady state level of output per ...
On a graph for a monopolist or monopolistic competitor, which of the following curves coincide?
The Marshall-Lerner Condition (MLC) is required for a currency devaluation/depreciation to improve a country's trade balance (Net Exports). The conditio...
When the value of d=4, in case of Durbin-Watson Test, what should be done with the null hypothesis?
Which of the follow statements about price discrimination is not true?