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Suppose Lefty has utility characterized by the equation: Ul = 3I1/2,where I is income.In addition,Righty has utility characterized by the equation: Ur = 4I1/2,where I is income.
(A)If each had $100,000,which one would have the higher level of utility?
(B)Illustrate Lefty's and Right's utility functions.
(C)What equal amount of income could we give to both that would also give them the same level of utility?
Categorical Proposition
A statement that asserts or denies something about all members of a category.
Quantity
A characteristic that pertains to the amount or number of objects or units.
Quality
In logic, quality refers to the positive or negative nature of a categorical proposition, with affirmative propositions asserting something about the subject and negative propositions denying something.
Particular Affirmative
A statement in logic that affirms the inclusion of some, but not necessarily all, members of a category.
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