Ch. 34 Suppose the utility possibility frontier for two individuals is given by UA + 2UB = 200. a) Draw the utility frontier for this function.
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- Give an example of monotonic preferenceA football coach says that given two players, he always prefers the one who is bigger and faster. Is his preference relation transitive? Is it complete? Prove it. The second coach says that she always prefers the one who is bigger or faster. Is her preference relation transitive? Is it complete? Prove it.Refer to Figure 21-22. When the price of X is $80, the price of Y is $20, and the consumer’s income is $160, the consumer’s optimal choice is D. Then the price of X decreases to $20. The income effect can be illustrated as the movement from Group of answer choices D to E. D to C. C to E. E to D.
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- Which of the following statements is not true about the utility possibilities frontier It shows utility levels that are attainable, given the utility functions of each player. It's a type of feasible frontier. It shows the utility each player receives from all pareto-efficient outcomes. It is constructed from the pareto-efficient curve.In the two good specific factor model with diminishing returns to the mobile factor the utility possibility frontier is a straight line. True FalseThere are two expantions for preference reversals.(In Behavior Economics) -Scale Congruence -Prominence Could you explain about them easily?