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Suppose Frank has preferences that can be represented by the utility function: 11061 #2) = x/x1 + x2 He faces prices 391 = 0.25 ,p2
Suppose Frank has preferences that can be represented by the utility function: 11061 #2) = x/x1 + x2 He faces prices 391 = 0.25 ,p2 = 1 and has income m > 0 If rounding is needed, please round to 3 decimal places. a) When He optimally chooses to consume positive quantities of both goods, Frank consumes units of good 1. b) Frank optimally chooses to consume positive quantities of both goods when m >
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