Multiple Choice
Harmon's utility function is U(x1, x2) = x1x2.His income is $100.The price of good 2 is p2 = 4.Good 1 is priced as follows.The first 15 units cost $4 per unit and any additional units cost $2 per unit.What consumption bundle does Harmon choose?
A) (12.5, 12.5)
B) (25, 12.5)
C) (12.5, 25)
D) (15, 10)
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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