How does an increase in the price of food change the relative price of an hour of
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How does an increase in the price of food change the relative price of an hour of education?
How does an increase in the price of food change real income in terms of food and in terms of education? How does a simultaneous fall in the price of education change the answers to these questions?
Food prices in Kenya are among the highest in the world. An average urban family in Kenya spends almost half of its income on food, which heavily drains expenditure that could have otherwise been diverted toward education, clothing, and investment.
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To answer this question lets break it down into manageable parts First we need to understand what relative price of an hour of education means In this ...View the full answer
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