Nadia Comaneci and Mr

question 11

Multiple Choice

Nadia Comaneci and Mr. X have preferences defined over pizza, p, and trampolines, t. They have identical utility functions, U(p, t) = . Each pizza costs $1 and each trampoline costs $1,000. Nadia and Mr. X like to share, and indeed trampolines are a public good for them. Pizza, however, is a private good. We don't know their exact incomes, but we do know that each of them earns at least $10,000.

• A) The Pareto efficient number of trampolines for them is 4.
• B) The Pareto efficient number of trampolines for them is 1.
• C) The Pareto efficient number of trampolines for them cannot be determined without knowing how the costs will be shared.
• D) The Pareto efficient number of trampolines for them is 2.
• E) Since their preferences are homothetic, their income elasticity of demand for pizza is -1.

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Definitions:

Capital Investment

Funds expended by a business to acquire or upgrade physical assets such as property, industrial buildings, or equipment.

Robinson Crusoe

Used in economics as a metaphor for the study of decision making by individuals in solitude.

Sacrificed

Sacrificed refers to giving up something valued for the sake of other considerations or needs, often in the context of making difficult decisions.

Opportunity Cost

The value of the next best alternative that is foregone as a result of making a decision.