Question: Need help Suppose an individual's utility function is given by the following expression: U (q1, q2) = min (91, 92) Assume the individual spends all
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Suppose an individual's utility function is given by the following expression: U (q1, q2) = min (91, 92) Assume the individual spends all of their income (y) on a bundle of good #1 (q1 ) and good #2 (92). Suppose the current price of good #1 is $2 (p1 - 2) and the current price of good #2 is $4 (p2 = 4). Which of the following changes would cause the largest decrease in the amount of good #1 the individual demands: O The price of good #1 decreases by 1% O The individual's income decreases by 1% O The individual's income increases by 1% O The price of good #2 decreases by 1%
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