-The Indifference Curves in the Figure Above (I₁, I₂, and I₃)

question 52

Multiple Choice

-The indifference curves in the figure above (I₁, I₂, and I₃) reflect Peter's consumption preferences. Peter prefers consuming ________ to consuming ________.

• A) 48 slices of pizza and 12 chocolate bars; 24 slices of pizza and 24 chocolate bars
• B) 40 slices of pizza and 20 chocolate bars; 48 slices of pizza and 12 chocolate bars
• C) 24 slices of pizza and 24 chocolate bars; 40 slices of pizza and 20 chocolate bars
• D) 32 slices of pizza and 8 chocolate bars; 16 slices of pizza and 16 chocolate bars

Understand the basic principles of utilitarianism and its focus on maximizing happiness or well-being.

Identify the key figures in the development of utilitarianism and their contributions.

Distinguish between the concepts of pleasure and happiness in the context of utilitarian ethics.

Explain the role of the hedonistic calculus in evaluating actions according to utilitarian theory.

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Definitions:

Inductive Reasoning

A method of reasoning in which specific observations or sets of observations are used to make broad generalizations.

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Empirical Economics

The branch of economics that analyzes data to understand and explain economic phenomena.

Economic Theories

Systematic frameworks for analyzing economic phenomena, developed to explain and predict economic patterns and behaviors.