Alice and Barbara share an office. They have placed a scent diffuser in the middle of the room and now need to purchase essence oil to create a pleasant smell in the office. Additionally, they can individually buy cookies as their own snacks. Each person has a budget of $50 to allocate towards the purchase of essence oil and cookies. The utility functions of Alice and Barbara are UA(xA, G) = XAG, uB (xB, G) = x2 B G2. Here, xA and xB represent Alice's and Barbara's respective private cookie consumption in dollars, while G represents their total expenditure in dollars towards the purchase of essence oil. Alice and Barbara agree on a Pareto optimal pattern of expenditures in which Alice spends $20 on her private cookie consumption. How much do they spend on the public good? a) 50 b) 40 c) 30 d) 24

Alice and Barbara share an office. They have placed a scent diffuser in the middle of the room and now need to purchase essence oil to create a pleasant smell in the office. Additionally, they can individually buy cookies as their own snacks. Each person has a budget of $50 to allocate towards the purchase of essence oil and cookies. The utility functions of Alice and Barbara are UA(xA, G) = XAG, uB (xB, G) = x2 B G2. Here, xA and xB represent Alice's and Barbara's respective private cookie consumption in dollars, while G represents their total expenditure in dollars towards the purchase of essence oil. Alice and Barbara agree on a Pareto optimal pattern of expenditures in which Alice spends $20 on her private cookie consumption. How much do they spend on the public good? a) 50 b) 40 c) 30 d) 24

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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