Mathematics, 19.01.2021 19:30 Brock2002
Both Ellory and Terence have one box of popcorn (P), one box of candy (C), and one movie ticket (M). Ellory's preferences are accurately captured by the utility function u = P1/2C1/2M1/2. Horace's preferences are accurately represented by the utility function u = 2P3/4C3/4M3/4. Based on this information, which of the following statements is correct?
A. It is not possible to make meaningful comparisons of Thelma's and Horace's happiness based on their respective utility functions.
B. Horace's happiness is equal to Thelma's happiness because Horace's utility function is a monotonic transformation of Thelma's utility function.
C. Horace is happier than Thelma because he has a higher level of utility.
D. Horace would benefit more from an additional box of candy because his marginal utility of candy is higher than Thelma's marginal utility of candy.
Answers: 3
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Both Ellory and Terence have one box of popcorn (P), one box of candy (C), and one movie ticket (M)....
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