Consider a Society Consisting of Just a Farmer and a Tailor.The

question 46

Multiple Choice

Consider a society consisting of just a farmer and a tailor.The farmer has 10 units of food but no clothing.The tailor has 40 units of clothing but no food.Suppose each has the utility function U = F ∗ C.The price of clothing is always $1.What is the competitive equilibrium price for food?

• A)$5
• B)$4
• C)$3
• D)$2

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Definitions:

Groin Vault

An architectural feature formed by the intersection at right angles of two barrel vaults, often used in Romanesque and Gothic buildings.

Barrel Vaults

A simple form of vault consisting of a continuous surface of semicircular or pointed sections resembling a barrel or tunnel.

Pendentive

A concave, triangular section of a hemisphere, four of which provide the transition from a square area to the circular base of a covering dome. Although pendentives appear to be hanging (pendant) from the dome, they in fact support it.

Bayeux Tapestry

A medieval embroidery depicting the events leading up to the Norman Conquest of England in 1066, notable for its historical and artistic significance.