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06-03-2024
Mathematics

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The Smith family is allocating its monthly household expenditure between only two goods: food and clothing. Suppose that the price of food is 12 per unit. How should they allocate their budget to maximize utility given their preferences for food and clothing?
A) Allocate all of the budget to food.
B) Allocate all of the budget to clothing.
C) Allocate more to food and less to clothing.
D) Allocate more to clothing and less to food.

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