In Problem 1, Suppose That Morris Has the Utility Function

question 29

Multiple Choice

In Problem 1, 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

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

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Definitions:

Consistency

The quality of achieving a level of performance which does not vary greatly in quality over time.

Distinctiveness

refers to the feature or quality that makes a person or thing unique or different from others.

Consensus

a general agreement among the members of a given group or community, each of whom exercises some degree of influence.

Intermittent Reinforcement

Reinforcement schedule in which a reward does not occur after each instance of a behavior or set of behaviors.