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Alice's Utility Function Is U(x, Y)=x2y

question 53

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Alice's utility function is U(x, y)=x2y.Steve's utility function is U(x, y)= x2y + 2x.Alice and Steve have the same preferences since Steve's utility function is a monotonic transformation of Alice's.

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Definitions:

Gamete

Mature, haploid reproductive cell; e.g., a sperm.

Ovary

In flowering plants, the enlarged base of a carpel, inside which one or more ovules form and eggs are fertilized. In animals, the egg-producing gonad.

Old Age

A phase in the life cycle of an organism that is characterized by a decline in physiological function and an increased likelihood of mortality.

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