Mathematics, 26.11.2019 22:31 robot2998

Matt's ordinary demand function for commodity x1(p1, p2, i)=(3i)/p1. how will a 1% increase in p1 affect matt's expenditures on x1 (use our approximization formula here)?

(a) his expenditure on x1 will increase by 1%
(b) his expenditures on x1 will not change.
(c) his expenditures on x1 will decrease by 1%.
(d) it is not possible to determine how matt's expenditures will change from the information given.

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Matt's ordinary demand function for commodity x1(p1, p2, i)=(3i)/p1. how will a 1% increase in p1 af...