Question 3 (Demand) Carlos really likes pizza His utility function for Little Caesar's (x 1 ) and Woodstock's (x 2 ) is given by U(x 1 , x 2 ) x 1 2x 2 The price of x 2 is $10 and Carlos spends $50 on pizza Graph the demand curve for x 1 , with P1 (the price of x 1 ) on the y axis and x 1 on the x axis (Hint There will be a range of prices where the demand for x 1 will be 0) Explain you graph

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Question 3 (Demand). Carlos really likes pizza. His utility function for Little Caesar's (x 1 ) and Woodstock's (x 2 ) is given by: U(x

Question 3 (Demand). Carlos really likes pizza. His utility function for Little Caesar's (x₁) and Woodstock's (x₂) is given by:

U(x₁, x₂ ) = x₁+2x₂

The price of x₂ is $10 and Carlos spends $50 on pizza.

Graph the demand curve for x₁, with P1 (the price of x₁) on the y-axis and x₁ on the x-axis. (Hint: There will be a range of prices where the demand for x₁ will be 0). Explain you graph

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