Question: Suppose Jeff only consumes 2 goods, chips (C) and coke (K) (What a life!). The price of chips is $5 and the price of

Suppose Jeff only consumes 2 goods, chips (C) and coke (K) (What

Suppose Jeff only consumes 2 goods, chips (C) and coke (K) (What a life!). The price of chips is $5 and the price of coke is $1. Jeff's preferences can be represented by the following utility function: U = C/4K 3/4 Assume he spends $100 per month on the consumption of these two goods (i.e. income-100). Based on Jeff's preferences, his income, and market prices, what is his optimal bundle of chips and coke?

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