4. A, B, C, D, E. A. Define utility, B, C, D. Separately, give three different principles of utility. Explain each principle in your own words. Give one brief example of each principle, as well. E. According to Vilfredo Pareto, from what observable action can someone prove that someone else has received utility? 5. Drawing indifference curves: Carl likes taking the rides at Disneyland, but dislikes standing in line to go on the rides. A. Draw a graph where (i) the X axis is the number of rides taken during one day at Disneyland, and (ii) the Y axis is the number of minutes waiting in line during that day at Disneyland. B. Draw three of Carl's likely indifference curves. Label and number each one. C. Write Carl's likely utility function for items X and Y. Total utility U= f(X,Y)= ? Poste

4. A, B, C, D, E. A. Define utility, B, C, D. Separately, give three different principles of utility. Explain each principle in your own words. Give one brief example of each principle, as well. E. According to Vilfredo Pareto, from what observable action can someone prove that someone else has received utility? 5. Drawing indifference curves: Carl likes taking the rides at Disneyland, but dislikes standing in line to go on the rides. A. Draw a graph where (i) the X axis is the number of rides taken during one day at Disneyland, and (ii) the Y axis is the number of minutes waiting in line during that day at Disneyland. B. Draw three of Carl's likely indifference curves. Label and number each one. C. Write Carl's likely utility function for items X and Y. Total utility U= f(X,Y)= ? Poste

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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