Question: (5) Joseph's preferences for two goods is consistent with the utility function U(x1, X2) = X1 + VX2. What fraction of income is spent on

(5) Joseph's preferences for two goods is consistent with the utility function U(x1, X2) = X1 + VX2. What fraction of income is spent on good 2 if the price of good 1 is $2, the price of good 2 is $1, and he has $4 to spend in total on the two goods? Assume that Joseph maximizes his utility. (a) One-quarter (b) One-third (c) One-half (d) Two-thirds (e) None of the above

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