Q1. The graph below is an example of "P.O.W. Camp." Which of the following statements is(are) FALSE? Quantity of tea per period Panel (a) British Prisoners MRS=/ C) II and III D) III and IV E) III Quantity of tea per period MAS> Panel (b) French Prisoners B 7/2 MRS=> MRSI

Q1. The graph below is an example of "P.O.W. Camp." Which of the following statements is(are) FALSE? Quantity of tea per period Panel (a) British Prisoners MRS=/ C) II and III D) III and IV E) III Quantity of tea per period MAS> Panel (b) French Prisoners B 7/2 MRS=> MRSI

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Q1. The graph below is an example of "P.O.W. Camp." Which of the following statements is(are)
FALSE?
Quantity of tea per period
Panel (a)
British Prisoners
===
MRS=
Quantity of tea per period
>
MRS >>
Panel (b)
French Prisoners
MRS=
1/2
E
MRS</
Quantity of coffee per period
Quantity of coffee per period
(Source: Economica 12 (November 1945))
I. The price ratio is less than ½ at point A while it is greater than ½ at point B.
II. The price ratio is greater than ½ at point A while it is less than ½ at point B.
III. At point E, the price ratio is ½, and the British prisoners are maximizing their utility.
IV. If trading is not allowed, the marginal utility of tea per price spent will be more than the marginal
utility of coffee per price spent in Panel (a).
A) I and IV
B) I and II
C) II and III
D) III and IV
E) III
P₁₂

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