Multiple Choice
Harvey Habit in Problem 9 has a utility function U(c1, c2) = min{c1, c2}. If he had an income of $1,290 in period 1 and $860 in period 2 and if the interest rate were 15%, how much would Harvey choose to spend on bread in period 1?
A) $1,635
B) $363.33
C) $545
D) $2,180
E) $1,090
Correct Answer:
Verified
Correct Answer:
Verified
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