Suppose that the Edgeworth Box for the possible allocations of apples and oranges between Aisha and Betty looks as in the following Figure. . 10 u₁ 5 BN u 6 1 2 3 4 A's Oranges, y 5678 9 10 11 12 13 14 15 0 B L B's Apples, x 8 765 4 3 2 1 0 A's highest v, Vmax Pareto Efficient Curve e TO 4 3 2 10 B's Oranges, y TT TT 15 14 13 12 11 10 9 8 7 6 5 5 5 T 0 1 2 3 4 5 6 7 8 9 A's Apples, x Select the four correct statements: Betty gets the highest utility when she has 10 apples and 15 oranges. An outcome in which Aisha gets all the apples and all the oranges, while Betty gets nothing, is Pareto-efficient Aisha gets the highest utility when she gets all the apples and all the oranges for herself In this case, Aisha is homo generous while Betty is homo economicus. Aisha gets the same utility at points k and j. In this case, Betty is homo generous while Aisha is homo economicus. 10 10

Suppose that the Edgeworth Box for the possible allocations of apples and oranges between Aisha and Betty looks as in the following Figure. . 10 u₁ 5 BN u 6 1 2 3 4 A's Oranges, y 5678 9 10 11 12 13 14 15 0 B L B's Apples, x 8 765 4 3 2 1 0 A's highest v, Vmax Pareto Efficient Curve e TO 4 3 2 10 B's Oranges, y TT TT 15 14 13 12 11 10 9 8 7 6 5 5 5 T 0 1 2 3 4 5 6 7 8 9 A's Apples, x Select the four correct statements: Betty gets the highest utility when she has 10 apples and 15 oranges. An outcome in which Aisha gets all the apples and all the oranges, while Betty gets nothing, is Pareto-efficient Aisha gets the highest utility when she gets all the apples and all the oranges for herself In this case, Aisha is homo generous while Betty is homo economicus. Aisha gets the same utility at points k and j. In this case, Betty is homo generous while Aisha is homo economicus. 10 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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