Suppose That Morris Has the Utility Function U(b, W)= 4b

question 18

Multiple Choice

suppose that Morris has the utility function U(b, w) = 4b + 12w and Philip has the utility function U(b, w) = bw.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 1/3 passing through the lower left corner of the box.
• D)a straight line with slope 1/3 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:

Democratic-Republican Philosophy

A political ideology that emphasizes the values of democracy and republicanism, advocating for a government by the people, for the people, and with a focus on civil liberties.

Jefferson's Tenure

The period during which Thomas Jefferson served as the President of the United States, from 1801 to 1809, marked by significant events such as the Louisiana Purchase.

Government Theory

This refers to the study and analysis of political systems, governance structures, and theoretical foundations that guide the operation, organization, and relationship between government and the governed.

Monroe Doctrine

A cornerstone of American foreign policy introduced in 1823, which declared that further efforts by European nations to colonize land or interfere with states in the Americas would be viewed as acts of aggression, requiring U.S. intervention.