Exam 30: A: Exchange

In Problem 3, Professor Nightsoil's utility function is U_N(B_N, P_N) and Dean Interface's utility function is U_I(B_I, P_I) . If Nightsoil's initial endowment is 6 bromides and 20 platitudes and if Interface's initial endowment is 2 bromides and 10 platitudes, then at any Pareto efficient allocation where both persons consume positive amounts of both goods,

Suppose that in Problem 8, Mutt's utility function is U(m, j) = max{ 2m, j} and Jeff's utility function is U(m, j) = 3m + j. Mutt is initially endowed with 6 units of milk and 2 units of juice, and Jeff is initially endowed with 2 units of milk and 6 units of juice. If we draw an Edgeworth box with milk on the horizontal axis and juice on the vertical axis and if we measure goods for Mutt by the distance from the lower left corner of the box, then the set of Pareto optimal allocations includes the

An economy has two people, Charlie and Doris. There are two goods, apples and bananas. Charlie has an initial endowment of 5 apples and 10 bananas. Doris has an initial endowment of 10 apples and 5 bananas. Charlie's utility function is U(A_C, B_C) = A_CB_C, where A_C is his apple consumption and B_C is his banana consumption. Doris's utility function is U(A_D, B_D) = A_DB_D, where A_D and B_D are her apple and banana consumptions. At every Pareto optimal allocation,

In Problem 3, Professor Nightsoil's utility function is U_N(B_N, P_N) and Dean Interface's utility function is U_I(B_I, P_I) . If Nightsoil's initial endowment is 3 bromides and 20 platitudes and if Interface's initial endowment is 5 bromides and 15 platitudes, then at any Pareto efficient allocation where both persons consume positive amounts of both goods,

An economy has two people, Charlie and Doris. There are two goods, apples and bananas. Charlie has an initial endowment of 3 apples and 4 bananas. Doris has an initial endowment of 6 apples and 2 bananas. Charlie's utility function is U(A_C, B_C) = A_CB_C, where A_C is his apple consumption and B_C is his banana consumption. Doris's utility function is U(A_D, B_D) = A_DB_D, where A_D and B_D are her apple and banana consumptions. At every Pareto optimal allocation,

Suppose that in Problem 8, Mutt's utility function is U(m, j) = max{ 3m, j} and Jeff's utility function is U(m, j) = 2m + j. Mutt is initially endowed with 2 units of milk and 2 units of juice, and Jeff is initially endowed with 6 units of milk and 6 units of juice. If we draw an Edgeworth box with milk on the horizontal axis and juice on the vertical axis and if we measure goods for Mutt by the distance from the lower left corner of the box, then the set of Pareto optimal allocations includes the

In Problem 3, Professor Nightsoil's utility function is U_N(B_N, P_N) and Dean Interface's utility function is U_I(B_I, P_I) . If Nightsoil's initial endowment is 4 bromides and 15 platitudes and if Interface's initial endowment is 7 bromides and 15 platitudes, then at any Pareto efficient allocation where both persons consume positive amounts of both goods,

In Problem 4, Ken's utility function is U(Q_K, W_K) = Q_KW_K and Barbie's utility function is U(Q_B, W_B) = Q_BW_B. If Ken's initial endowment were 3 units of quiche and 7 units of wine and Barbie's endowment were 6 units of quiche and 7 units of wine, then at any Pareto optimal allocation where both persons consume some of each good,

In Problem 1, suppose that Morris has the utility function U(b, w) = 7b + 21w and Philip has the utility function U(b, w) = bw. If we draw an Edgeworth box with books on the horizontal axis and wine on the vertical axis and if we measure Morris's consumptions from the lower left corner of the box, then the contract curve contains

Suppose that in Problem 8, Mutt's utility function is U(m, j) = max{ 2m, j} and Jeff's utility function is U(m, j) = 3m + j. Mutt is initially endowed with 6 units of milk and 2 units of juice, and Jeff is initially endowed with 2 units of milk and 6 units of juice. If we draw an Edgeworth box with milk on the horizontal axis and juice on the vertical axis and if we measure goods for Mutt by the distance from the lower left corner of the box, then the set of Pareto optimal allocations includes the