Ambrose's brother Francis has an income of $60 and a utility function U(x1, x2) = 20x1/21 + x2.The price of good 1(nuts) is $5 and the price of good 2(berries) is $1.How many units of berries will Augustine demand?
A) 10
B) 80
C) 4
D) 40
E) There is not enough information to determine the answer.
Correct Answer:
Verified
Q1: if Charlie's utility function were X 5A
Q3: Ambrose's brother Anthony has an income of
Q4: Ambrose's brother Anthony has an income of
Q5: Ambrose's brother Anthony has an income of
Q6: Ambrose's brother Francis has an income of
Q7: if Charlie's utility function were X 5A
Q8: if Charlie's utility function were X 3A
Q9: if Charlie's utility function were X
Q10: Ambrose's brother Bartholomew has an income of
Q11: Ambrose's brother Augustine has an income of
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