Multiple Choice
In Problem 6, the only quantities of good 1 that Barbie can buy are 1 unit or zero units. For x1 equal to zero or 1 and for all positive values of x2, suppose that Barbie's preferences were represented by the utility function (x1 + 6) (x2 + 8) . Then if her income were $20, her reservation price for good 1 would be
A) $4.50.
B) $.75.
C) $8.
D) $4.
E) $1.23.
Correct Answer:
Verified
Correct Answer:
Verified
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