For each of the following utility functions, explain whether the
preferences that they represent are strictly convex. Use
indifference curve diagrams to help explain your answers.
1. Preferences represented by u (x1, x2) = x1 + x2.
2. Preferences, represented by u (x1, x2) = min {x1, x2}.
3. Dictator and Ultimatum Games with Fehr-Schmidt Preferences.
Now let the two utility functions be given by,
UA = xA − .6 max(xB −
xA, 0) − βA max(xA −
xB, 0),
UB = xB − αB max(xA
− xB, 0).
(a) Suppose that the two agents play a dictator game in which
player A is given an endowment of 100 and may transfer any amount s
∈ [0, 100] to player B. The material payoffs are then given by...
Following are the most important file management functions
available in C. Use any 6 of them in your program and show the
output.
Function
purpose
fopen ()
Creating a file or opening an existing file
fclose ()
Closing a file
fprintf ()
Writing a block of data to a file
fscanf ()
Reading a block data from a file
getc ()
Reads a single character from a file
putc ()
Writes a single character to a file
getw ()
Reads...
5 What work environment and life preferences are most
important to you? In what ways might these preferences affect your
career decision-making?6 Are you open to proactive and ongoing self-promotion?
If So, how will you develop your network? If not, what issues must
you overcome in order to be open to self-promotion?
Consider a consumer's preferences over consuming two goods that
are represented by the following utility function:
U(x1,x2)= x1^a
x2^1-α
0 < α < 1
x1,x2 ≥ 0
(a) Do her preferences satisfy monotonicity? (4 mark)
(b) Do her preferences exhibit diminishing marginal utility?
(c) Are her preferences convex? In other words, do her
preferences exhibit diminishing marginal rate of substitution?
(Hint: Find MRS and its rate of changes with respect to the good on
the horizontal axis.)
(d) Use a...
Use the following terms to describe how a homeostatic
control mechanism functions: comparator, set point, effector,
disturbance, error signal, sensor, compensatory response, and
controlled variable.
In the short run a firm has noticed that the price of their most
important fixed input has risen. What impact will this have on
profit? Why? What if this increase in price had occurred in the
long run? Why is this different than in the short run?
Present the most important criteria for assessing the quality
and utility of epidemiologic data? Explain why these criteria are
so important. Your response must be at least 200-400 words in
length.
Which of the following types of preferences and utility do NOT
necessarily generate straight-line Engel curves?
Perfect substitutes
Leontiev
Cobb-Douglas
Quasi-Linear
A and C