Suppose That in Problem 8, Mutt's Utility Function Is U(m

question 1

Multiple Choice

Suppose that in Problem 8, Mutt's utility function is U(m, j) = max{ 4m, j} and Jeff's utility function is U(m, j) = 3m + j. Mutt is initially endowed with 6 units of milk and 2 units of juice, and Jeff is initially endowed with 2 units of milk and 6 units of juice. If we draw an Edgeworth box with milk on the horizontal axis and juice on the vertical axis and if we measure goods for Mutt by the distance from the lower left corner of the box, then the set of Pareto optimal allocations includes the

• A) right edge of the Edgeworth box but no other edges.
• B) left edge of the Edgeworth box but no other edges.
• C) bottom edge of the Edgeworth box but no other edges.
• D) left edge and bottom edge of the Edgeworth box.
• E) right edge and top edge of the Edgeworth box.

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Definitions:

Word

In computing, a data block of a specific size that is managed as a single entity by the processor's instruction set or hardware.

Accumulated Value

The number of elapsed timed intervals or counted events.

Counter

An electromechanical device in relay-based control systems that counts numbers of events for the purpose of controlling other devices based on the current number of counts recorded; a programmable logic controller instruction that performs the functions of its electromechanical counterpart.

True

A statement or condition that is accurate, factual, or in accordance with reality.