In Problem 1, Suppose That Morris Has the Utility Function

question 19

Multiple Choice

In Problem 1, suppose that Morris has the utility function U(b, w) = 5b + 15w 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

• A) a straight line with slopepassing through the lower left corner of the box.
• B) a straight line with slopepassing through the upper right corner of the box.
• C) a straight line running from the upper right corner of the box to the lower left.
• D) a curve that gets steeper as you move from left to right.
• E) a curve that gets flatter as you move from left to right.

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Definitions:

AC

Alternating Current, a type of electrical current in which the flow of electric charge periodically reverses direction.

XIC Instruction

In ladder logic and PLC programming, the "Examine if Closed" instruction that checks if a particular condition is true (i.e., if a contact is closed).

True

A logical or Boolean value indicating affirmative or confirmation, often represented digitally as '1' in binary.

Pressure Switch

A device that closes or opens an electrical contact when a certain set fluid pressure has been reached on its input.