Business, 22.02.2021 19:20, sophialoperx

Robert treats coffee and creamer as perfect complements and has very specific requirements for the ratio of creamer to coffee. He will drink coffee only if he has exactly 5.00 packets of creamer for every cup of coffee. Coffee is priced at $3.00 per cup and creamer at $0.25 per packet. In the questions below, give your answers to two decimal places. a. Suppose that Robert has $39.00 to spend on coffee and creamer. His optimal consumption bundle contains cups of coffee and
b. Now, suppose that the price of creamer rises to $0.50 per packet. What is the substitution effect of this price change?

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Robert treats coffee and creamer as perfect complements and has very specific requirements for the r...