4. A, B, C, D, E. A. Define utility, B, C, D. Separately, give three different principles of utility. Explain each principle in your own words. Give one brief example of each principle, as well. E. According to Vilfredo Pareto, from what observable action can someone prove that someone else has received utility? 5. Drawing indifference curves: Carl likes taking the rides at Disneyland, but dislikes standing in line to go on the rides. A. Draw a graph where (i) the X axis is the number of rides taken during one day at Disneyland, and (ii) the Y axis is the number of minutes waiting in line during that day at Disneyland. B. Draw three of Carl's likely indifference curves. Label and number each one. C. Write Carl's likely utility function for items X and Y. Total utility U= f(X,Y)= ? Poste

4. A, B, C, D, E. A. Define utility, B, C, D. Separately, give three different principles of utility. Explain each principle in your own words. Give one brief example of each principle, as well. E. According to Vilfredo Pareto, from what observable action can someone prove that someone else has received utility? 5. Drawing indifference curves: Carl likes taking the rides at Disneyland, but dislikes standing in line to go on the rides. A. Draw a graph where (i) the X axis is the number of rides taken during one day at Disneyland, and (ii) the Y axis is the number of minutes waiting in line during that day at Disneyland. B. Draw three of Carl's likely indifference curves. Label and number each one. C. Write Carl's likely utility function for items X and Y. Total utility U= f(X,Y)= ? Poste

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter10: Consumer Choice Theory

Section: Chapter Questions

Problem 9P

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