U(x1, x2) = 20×1 + 40×2 A. U(x1, x2) = min{ 2×1, 4×2}. ____ 18. Joe Bob”s cousin Peter consumes goods 1 and 2.
B. U(x1, x2) = 20×1 + 40×2 A. U(x1, x2) = min{ 2×1, 4×2}. ____ 18. Joe Bob”s cousin Peter consumes goods 1 and 2. Peter thinks that 4 units of good 1 is always a perfect substitute for 2 units of good 2. Which of the following utility functions is the only one that would not represent Peter”s preferences? A. U(x1, x2) = min{ 2×1, 4×2}. B. U(x1, x2) = 20×1 + 40×2
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