2. Alba (A) is asked to participate in an experiment. She is given $20 with which to make a set of choices in three different scenarios where she is paired with an anonymous partner:
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1. Each dollar she sends to her partner reduces her endowment by 52 (that is for each dollar she sends, her partner gets 50.50) Each dollar she sends to her partner reduces her endowment by 51 (that is for each dollar she sends, her partner gets $1.00) . Each dollar she sends to her partner reduces her endowment by $0.50 (that is for each dollar she sends, her partner gets $2.00) With an anonymous other person (B) with whom she has been paired Alba believes she has the following utility function A(**.x) = (x4)(*) (3) Where the money Alba keeps and the money she sends to the other person
a. Given her utility function described by equation 3, what kind of a person is Alba? Is shea Homo economics? If not, what kind of preference is she displaying? Explain 3 Points
b. What is Alba’s marginal rate of substitution of another person’s money (“) for her money (+)? 3 Points!
c. What is the marginal rate of transformation (mrt( ) for each of the three different scenarios? How would you interpret 3 Points
d. Find the amount of money that Alba keeps for herself in each of the three scenarios and the amount of money that the other person would get in each of the three scenarios. 3 Points
e. What is Alba’s utility at each of the three constrain utility maxima outcomes? 3 Points Sketch the indifference curves and feasible frontiers for each of the three cases with on the horizontal axis and on the vertical axis. In each case, be dear about how much money Alba keeps for herself (x) and how much other person has gotten (*) 15 Points
9. Sketch a figure with the marginal rate of transformation on the vertical axis (mrt(x..”)) and the amount of money the other. Get Economics homework help today
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