Question: Practice test for midterm but have no solutions. Could you help me with these questions? Thank you Part II 1. (20 points) Bob's utility function

Practice test for midterm but have no solutions. Could you help me with these questions? Thank you

Part II 1. (20 points) Bob's utility function is u(21,12) = 3, + 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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