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Tom, Dick, and Harry, the only three people on a desert island with two consumption goods, apples and bananas, have utility functions UT , UD, and UH, respectively, where:

UT(xa, xb)=6xa+9xb UD(xa, xb)=8xa+12xb UH(xa, xb)= xaxb2

a.) Relative to Tom, does Dick require more bananas, less bananas, or the same number of bananas to give away an apple? Why?

b) Suppose Harry has 3 apples and 2 bananas. Would he be willing trade an apple for a banana? Show why or why not.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M941878

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