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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