Harvey Habit has a utility function U(c1, c2)=min{c₁, c₂}.If he had an income of $880 in period 1 and $1,320 in period 2 and if the interest rate were 0.20, how much would Harvey choose to spend on bread in period 1? A)$1,620 B)$360 C)$540 D)$2,160 E)$1,080

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The Answer of Harvey Habit has a utility function U(c1, c2)=min{c₁, c₂}.If he had an income of $880 in period 1 and $1,320 in period 2 and if the interest rate were 0.20, how much would Harvey choose to spend on bread in period 1? A)$1,620 B)$360 C)$540 D)$2,160 E)$1,080

Harvey Habit Has a Utility Function U(c1, C2)=min{c1, C2}

Harvey Habit Has a Utility Function U(c1, C2)=min{c₁, C₂}