Question: 25. Let's explore the quasilinear utility function in more detail. Earlier in the semester, we stated that quasilinear utility functions can be especially relevant when

25. Let's explore the quasilinear utility function in more detail. Earlier in the semester, we stated that quasilinear utility functions can be especially relevant when we're examining a good that constitutes a small part of an individual's income. Assume Avi has the utility function U(x , x,) = 3x, 1/2 + * 2 . A. Find Avi's demand functions for Good 1 and Good 2. B. What is Avi's income elasticity of demand for Good 1? C. What is Avi's income elasticity of demand for Good 2? D. Using your own experiences, in a paragraph or less explain why your results from parts B and C are consistent with one of the goods being a low-priced good and one of the goods being an aggregate good that incorporates "everything else on which you would spend money"? Make sure to note which of the goods is the low-priced good, and why your results from B and C justify your claim

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