Mary has an income of Y. Mary must have some minimum quantities of both food (Q01) and non-food (Q02) for survival. Any remaining income – after buying the necessary amounts of the two – she spends proportionately on food (say, 1/3-rd) and non-food (say, 2/3-rd). What will be Mary’s demand equations for food and non-food?
Mary has an income of Y. Mary must have some minimum quantities of
both food (Q01) and non-food (Q02) for survival. Any remaining income
– after buying the necessary amounts of the two – she spends
proportionately on food (say, 1/3-rd) and non-food (say, 2/3-rd). What
will be Mary’s demand equations for food and non-food?
