Hatfield and McCoy Burn with Hatred for Each Other

question 17

Multiple Choice

Hatfield and McCoy burn with hatred for each other.They both consume corn whisky.Hatfield's utility function is U = W_H - W ²_M /8 and McCoy's utility is U = W_M - W ²_H /8, where W_H is Hatfield's whisky consumption and W_M is McCoy's whisky consumption, measured in gallons.The sheriff has a total of 48 gallons of confiscated whisky which he could give back to them.For some reason, the sheriff wants them both to be as happy as possible and he wants to treat them equally.The sheriff should give them each

• A)24 gallons.
• B)2 gallons and spill 44 gallons in the creek.
• C)4 gallons and spill 40 gallons in the creek.
• D)8 gallons and spill the rest in the creek.
• E)1 gallon and spill the rest in the creek.

Understand the basics of designing descriptive/correlational studies in psychology.

Identify and analyze dependent variables in psychological research.

Discriminate between positive and negative correlations and predict their implications in real-world contexts.

Understand operational definitions and their significance in research methodology.

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Definitions:

Per Capita Consumption

The average consumption of goods and services per person within a particular population.

Cigarette Tax

A tax imposed by governments on the sale of cigarettes to raise revenue and discourage smoking by increasing the price.

Cigarette Prices

The retail cost of cigarettes, which can be influenced by factors such as taxes, production costs, and demand.

Elastic Demand

A demand situation where the quantity demanded of a good or service changes significantly when its price changes.