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Jacob Dobbs
on Oct 14, 2024

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Ambrose's brother Bartholomew has an income of $133 and a utility function U(x1, x2)  28x1/21  x2.The price of good 1 (nuts) is $2 and the price of good 2 (berries) is $1.How many units of nuts will Bartholomew demand?

A) 45
B) 59
C) 47
D) 49
E) 96

Utility Function

A mathematical representation in economics that quantifies an individual's preference for certain goods or outcomes over others.

Nuts

Edible seeds typically encased in a hard shell, commonly consumed as snacks or used in various recipes.

Berries

Small, pulpy, and often edible fruits that are typically juicy, rounded, brightly colored, and have seeds.

  • Inspect utility functions to pinpoint optimal consumption rates.
  • Analyze the correlation between utility maximization and the demand function for diverse commodities.
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Reese EmertOct 20, 2024
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