Mathematics

Honey

8 June, 10:13

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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