Question: Bob's utility function is u($1, 12) = 3x, + 12, and he has income m = 10. The price of good 2 is p, =

Bob's utility function is u($1, 12) = 3x, + 12, and he has income m = 10. The price of good 2 is p, = 1. Let p, denote the initial price of good 1, and let p, denote a new lower price of good 1, so p,

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