Suppose the utility function of the consumer is u(x,x2)=min{x1,x2). Further, suppose p=$4, P2 $2 and 1=$18....

 

 

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Suppose the utility function of the consumer is u(x,x2)=min{x1,x2). Further, suppose p=$4, P2 $2 and 1=$18. Based on this information, answer the following questions (questions 16-25). Questions: 16. What is the optimal quantity of Good 1 chosen by the consumer? 17. What is the optimal quantity of Good 2 chosen by the consumer? 18. What is the optimal quantity of Good 1 chosen by the consumer if p; decreases to $1? Suppose the utility function of the consumer is u(x,x2)=min{x1,x2). Further, suppose p=$4, P2 $2 and 1=$18. Based on this information, answer the following questions (questions 16-25). Questions: 16. What is the optimal quantity of Good 1 chosen by the consumer? 17. What is the optimal quantity of Good 2 chosen by the consumer? 18. What is the optimal quantity of Good 1 chosen by the consumer if p; decreases to $1?

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ANSWER 16 u minx1 x2 These goods are complemen... View the full answer