There are 200 pounds of food on an island that must be, Ask an Expert

Economics

There are 200 pounds of food on an island that must be allocated between 2 marooned sailors. The utility function of the first sailor is given by

Utility= ?( F1)

Where F1 is the quantity of food consumed by the first sailor. For the second sailor utility (as a function of food consumption) is given by

Utility= 1/2 ?( )F2

a. If the food was allocated equally between the sailors, how much utility will each receive

b. should food be allocated between the sailors to ensure equality of utility.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9492544

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question a business equipment used for the manufacture of

Question: A business equipment used for the manufacture of commercial goods can be purchased for $30,000. This asset is expected to be sold after 4 years for $6,000. Compute the depreciation amounts every year (depreciat ...

Question after the world pulled out of the great depression

Question: After the world pulled out of the Great Depression of the 1930s, many forecasters expected a repeat of that decline after World War II. Now, the chances of another depression of that duration seem extremely rem ...

Assignment consider a team that you have been a member of

Assignment: Consider a team that you have been a member of. This can be a work team, sports team, school team etc. Explain the purpose of the team, the group task functions, the individual task functions, and if the team ...

Question what change agent skills are necessary for helping

Question: What change agent skills are necessary for helping a dysfunctional group become more effective? What if problems exist between managers? What happens if they refuse the help of the change agent? Do you believe ...

Question explain milton friedmans natural rate hypothesis

Question: Explain Milton Friedman's "Natural Rate" Hypothesis. What important policy conclusion can we derive from the hypothesis? include any necessary graphs or models. The response must be typed, single spaced, must b ...

Question what is meant by absolute poverty what measures of

Question: What is meant by absolute poverty? What measures of income poverty are favored by development economists? How do income poverty measures differ from the UNDP's Multidimensional poverty index? Why should we be c ...

Question consider again the new york taxi market where

Question: Consider again the New York taxi market, where demand is given by Q = 10 - .5P, each taxi's cost is C = 980 + 3Q, and ACMIN = $10 at 140 trips per week. a. Suppose that, instead of limiting medallions, the comm ...

Question consider a consumer with net utility function

Question: Consider a consumer with (net utility) function given by U(x;p) = 10 ln(x+1) - px, where x is the quantity of the consumption good consumed, and p > 0 is the price of x. The consumer's income is m > 0. The leve ...

Question one study compared the performance of a single

Question: One study compared the performance of a single company's franchised and company-owned fast-food outlets on health inspections. It found that franchises received higher (i.e., better) average point scores on a s ...

Question there are two consumers a and b consumer a is

Question: There are two consumers A and B. Consumer A is willing to pay 3-2F dollars for a unit of flowers for the public square and B is willing to pay 5-5F dollars for a unit of flowers. If the cost of flowers is const ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert