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3. (20 points) Jack's utility is given by 11(X1, X2) = xf'xf. If I = $160, P1 = $20 and P2 = $4, how many

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3. (20 points) Jack's utility is given by 11(X1, X2) = xf'xf. If I = $160, P1 = $20 and P2 = $4, how many units of X] will Jack consume to maximize his utility? (Hint: This is Cobb- Douglas utility. You can use the 5 step method to solve this problem, or the appropriate demand function derived in class)

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