4. Suppose that Paul and David have utility functions U = 2AP + OP and U = AD + 2OD, respectively, where AP and OP are Paul's consumptions of apples and oranges and AD and OD are David's consumptions of apples and oranges. The total supply of apples and oranges to be divided between them is 14 apples and 18 oranges. The "fair" allocations consist of all allocations satisfying the following conditions. Select one: a. AD + OD is at least 16 and AS + OS is at least 16. b. AD = AP and OD = OP. c. 4AP + 2OP is at least 46 and 2AD + 40D is at least 50. d. 2AP + OP is at least AD + 2OD and AD + 2OD is at least 2AP + OP. e. 2AP + OP is at least 46 and 2AD + 2OD is at least 50.

4. Suppose that Paul and David have utility functions U = 2AP + OP and U = AD + 2OD, respectively, where AP and OP are Paul's consumptions of apples and oranges and AD and OD are David's consumptions of apples and oranges. The total supply of apples and oranges to be divided between them is 14 apples and 18 oranges. The "fair" allocations consist of all allocations satisfying the following conditions. Select one: a. AD + OD is at least 16 and AS + OS is at least 16. b. AD = AP and OD = OP. c. 4AP + 2OP is at least 46 and 2AD + 40D is at least 50. d. 2AP + OP is at least AD + 2OD and AD + 2OD is at least 2AP + OP. e. 2AP + OP is at least 46 and 2AD + 2OD is at least 50.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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