Exam 30: Exchange-Part B

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Suppose that 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

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Question 21

Professor Nightsoil's utility function is U_N(B_N, P_N)= B_N + 4p^1/2_N and Dean Interface's utility function is U_I(B_I, P_I)=B_I +2p^1/2_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,

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Question 22

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

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Question 23

Astrid's utility function is U(H_A, C_A)= H_AC_A.Birger's utility function is min{H_B, C_B}.If Astrid's initial endowment is no cheese and 3 units of herring and if Birger's initial endowments are 13 units of cheese and no herring, then where p is a competitive equilibrium price of herring and cheese is the numeraire, demand equals supply in the herring market.This implies that

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Question 24

suppose that Morris has the utility function U(b, w)= 4b + 4w 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

(Multiple Choice)

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Question 25

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 8 units of quiche and 11 units of wine and Barbie's endowment were 16 units of quiche and 11 units of wine, then at any Pareto optimal allocation where both persons consume some of each good,

(Multiple Choice)

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Question 26

Professor Nightsoil's utility function is U_N(B_N, P_N)= B_N + 4p^1/2_N and Dean Interface's utility function is U_I(B_I, P_I)=B_I +2p^1/2_I.If Nightsoil's initial endowment is 7 bromides and 5 platitudes and if Interface's initial endowment is 8 bromides and 10 platitudes, then at any Pareto efficient allocation where both persons consume positive amounts of both goods,

(Multiple Choice)

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Question 27

Suppose that Mutt's utility function is U(m, j)= max{4m, 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

(Multiple Choice)

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Question 28

Astrid's utility function is U(H_A, C_A)= H_AC_A.Birger's utility function is min{H_B, C_B}.If Astrid's initial endowment is no cheese and 13 units of herring and if Birger's initial endowments are 12 units of cheese and no herring, then where p is a competitive equilibrium price of herring and cheese is the numeraire, demand equals supply in the herring market.This implies that

(Multiple Choice)

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Question 29

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,

(Multiple Choice)

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Question 30

Showing 21 - 30 of 30

Exam 30: Exchange-Part B

Budget Constraint-Part A

Budget Constraint-Part B

Preferences-Part A

Preferences-Part B

Utility-Part A

Utility-Part B

Choice-Part A

Choice-Part B

Demand-Part A

Demand-Part B

Revealed Preference-Part A

Revealed Preference-Part B

Slutsky Equation-Part A

Slutsky Equation-Part B

Buying and Selling-Part A

Buying and Selling-Part B

Intertemporal Choice-Part A

Intertemporal Choice-Part B

Asset Markets-Part A

Asset Markets-Part B

Uncertainty-Part A

Uncertainty-Part B

Risky Assets-Part A

Risky Assets-Part B

Consumers Surplus-Part A

Consumers Surplus-Part B

Market Demand-Part A

Market Demand-Part B

Equilibrium-Part A

Equilibrium-Part B

Auctions-Part A

Auctions-Part B

Technology-Part A

Technology-Part B

Profit Maximization-Part A

Profit Maximization-Part B

Cost Minimization-Part A

Cost Minimization-Part B

Cost Curves-Part A

Cost Curves-Part B

Firm Supply-Part A

Firm Supply-Part B

Industry Supply-Part A

Industry Supply-Part B

Monopoly-Part A

Monopoly-Part B

Monopoly Behavior-Part A

Monopoly Behavior-Part B

Factor Markets-Part A

Factor Markets-Part B

Oligopoly-Part A

Oligopoly-Part B

Game Theory-Part A

Game Theory-Part B

Game Applications-Part A

Game Applications-Part B

Behavioral Economics

Exchange-Part A

Production-Part A

Production-Part B

Welfare-Part A

Welfare-Part B

Externalities-Part A

Externalities-Part B

Information Technology-Part A

Information Technology-Part B

Public Goods-Part A

Public Goods-Part B

Asymmetric Information-Part A

Asymmetric Information-Part B

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