Answer :
Price of oranges is $1 per unit and the price of pencils is $70 per unit. In addition, suppose that income is $1900.
Budget:1 Oranges + 70 Pencils = 1900
If whole of income is spent on oranges,
Oranges = 1900 / 1 = $1900
The money that a person or organisation earns in return for their labour or products is referred to as income. Depending on the context, such as taxation or financial accounting, the meaning of income may vary.The majority of people define their income as all of their receipts, including wages and salaries, investment returns, pension payments, and other types of payments. Income for businesses is defined as the sum of all revenues from the sale of goods and services, as well as any interest or dividends connected to the business's cash accounts and reserves.The definitions and methods used by economists to measure income vary. Regardless of whether their research focuses on capital investment, public finance, consumption, production, savings, or other relevant issues and subtopics, their notion of income will be appropriate for the project at hand.
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