3 2. Consider a cake that is half-chocolate and half-vanilla that will be apportioned to Alice, Bob, andCharlie. Alice receives xfand xof chocolate and vanilla respectively, Bob receives xand xofchocolate and vanilla respectiveiy, and Charlie receives xand xof chocolate and vanilla respectivelyTheir respective utilities are: Uf =UX =.uf=3, u = UE = U =If Alice gets half the chocolate part of the cake and a third of the vanilla, Bob gets a quarter of thechocolate part of the cake and a third of the vanilfa.a) What are Alice, Bob, and Charlie's total pay-offs?b) Is division fair under the proportionality criterion? Explain.c) is the division fair under the equity criterion? Explain.d) Is the division envy-free? Explain.

The aim of this question is to share a cake that is half chocolate and half vanilla. It gets a…

2. Consider a cake that is half-chocolate and half-vanilla that will be apportioned to Alice, Bob, and Charlie. Alice receives xand x of chocolate and vanilla respectively, Bob receives xand xof chocolate and vanilla respectively, and Charlie receives and x of chocolate and vanilla respectively Their respective utilities are: U=UX - U%= UX = 1,u = 2 = If Alice gets half the chocolate part of the cake and a third of the vanilla, Bob gets a quarter of the chocolate part of the cake and a third of the vanilla.... a) What are Alice, Bob, and Charlie's total pay-offs? b) Is division fair under the proportionality criterion? Explain. c) is the division fair under the equity criterion? Explain.

2. Consider a cake that is half-chocolate and half-vanilla that will be apportioned to Alice, Bob, and Charlie. Alice receives xand x of chocolate and vanilla respectively, Bob receives xand xof chocolate and vanilla respectively, and Charlie receives and x of chocolate and vanilla respectively Their respective utilities are: U=UX - U%= UX = 1,u = 2 = If Alice gets half the chocolate part of the cake and a third of the vanilla, Bob gets a quarter of the chocolate part of the cake and a third of the vanilla.... a) What are Alice, Bob, and Charlie's total pay-offs? b) Is division fair under the proportionality criterion? Explain. c) is the division fair under the equity criterion? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.

Question

2. Consider a cake that is half-chocolate and half-vanilla that will be apportioned to Alice, Bob, and
Charlie. Alice receives xfand xof chocolate and vanilla respectively, Bob receives xand xof
chocolate and vanilla respectiveiy, and Charlie receives xand xof chocolate and vanilla respectively
Their respective utilities are: Uf =UX =.uf=3, u = UE = U =
If Alice gets half the chocolate part of the cake and a third of the vanilla, Bob gets a quarter of the
chocolate part of the cake and a third of the vanilfa.
a) What are Alice, Bob, and Charlie's total pay-offs?
b) Is division fair under the proportionality criterion? Explain.
c) is the division fair under the equity criterion? Explain.
d) Is the division envy-free? Explain.

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