The Only Quantities of Good 1 That Irene Can Buy

question 35

Multiple Choice

The only quantities of good 1 that Irene can buy are 1 unit or 0 units.For all positive values of x₂, Irene's preferences are represented by the utility function (x₁ + 10) (x₂ + 2) .If her income is $8 and the price of good 2 is $1, then Irene's reservation price for good 1 is

• A)$1.82.
• B)$1.50.
• C)$.91.
• D)$5.
• E)$.10.

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