Morris Has the Utility Function U(b, W)= 3b + 3w

question 29

Multiple Choice

Morris has the utility function U(b, w) = 3b + 3w and Philip has the utility function U(b, w) = bw, where b is the number of books consumed per month and w is bottles of wine consumed per month.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 running from the upper right corner of the box to the lower left.
• B)a curve that gets steeper as you move from left to right.
• C)a straight line with slope 1/1 passing through the lower left corner of the box.
• D)a straight line with slope 1/1 passing through the upper right corner of the box.
• E)a curve that gets flatter as you move from left to right.

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Definitions:

Societal Expectations

Norms and standards that society imposes on its members regarding how they should behave.

Conform

To align one's attitudes, beliefs, or behaviors with those of a particular group, often driven by a desire for social acceptance or adherence to perceived norms.

Age Stratification

The hierarchical ranking of age groups in society.

Symbolic Interactionist

A perspective in sociology and social psychology that focuses on how individuals interpret and give meaning to social symbols, interactions, and experiences.