Model of Choice and Conflict

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/3

flashcard set

Earn XP

Description and Tags

5.4 of The Economy 1.0 & The Economy #3

Microeconomics

Year 1

Own Work

Unit 5

#3

Last updated 11:52 AM on 5/11/26
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai

No analytics yet

Send a link to your students to track their progress

4 Terms

1
New cards

What determines if an outcome is fair

-On one’s analysis using substantive and procedural fairness

2
New cards

If we assume that one has quasi-linear preferences, what does that entail?

-One’s preferences are linear in one good, and can be non-linear in everything else.

-Whichever is the linear preference, that means that any more consumption will not change one’s MRS. Thus, the slope remains the same.

-The graph shows this: where any amount of grain being consumed only leads to a difference in which utility curve one reaches, but not the actual MRS.

<p>-One’s preferences are <em>linear </em>in one good, and can be <em>non-linear </em>in everything else. </p><p>-Whichever is the <em>linear </em>preference, that means that any more consumption will <strong><em>not </em></strong>change one’s MRS. Thus, the <em>slope </em>remains the same. </p><p>-The graph shows this: where any amount of grain being consumed <em>only </em>leads to a difference in which utility curve one reaches, but <em>not </em>the actual MRS. </p>
3
New cards
<p>Bruno, a landowner, needs payment in grain from Angela. </p><p>-From this graph, what can be said about it?</p>

Bruno, a landowner, needs payment in grain from Angela.

-From this graph, what can be said about it?

-Point E represents a possible outcome of an interaction between the two players.

-Angela works for 12 hours, and produces 10.5 bushels of grain

-Bruno will get 5.25 bushels, and Angela will get 5.25 bushels.

4
New cards

Lmao

Lmao