Open Word and answer the following questions. Save the document and print it when you are done. 1. Use the results in the CS1 sheet to find the price range for which we see Giffen behavior. Report...

Open Word and answer the following questions. Save the document and print it when you are done.

1. Use the results in the CS1 sheet to find the price range for which we see Giffen behavior. Report your answer and describe your procedure.

2. Use the Optimal1 sheet utility function and parameter values to find the optimal solution via analytical methods. Show your work. Note that x₁

3. Use Word’s Drawing Tools to reproduce Figure 1.4.5.4, depicting x₁
as a Giffen good, but use a p₁
increase (instead of a decrease).