Discuss the utility theory and its assumptions

Discuss the utility theory and its assumptions.

Assignment: The trade game is a way of examining how economic trading of resources affects individual utility. Imagine the economy consists of the following resources (denoted by colored slips of paper):

  • White
  • Purple
  • Brown
  • Orange
  • Blue
  • Gray
  • Green
  • Yellow
  • Gold

The objective of the game is to maximize your gains in utility.

Define A Utility Function for Yourself

U = f (White, Purple, Brown, Orange, Blue, Gray, Green, Yellow, Gold)

You are handed an assortment of resources

Measure your utility

Trade with others within your friends (15 minutes). Record your trades.

At the end of the trading period measure your utility again. Compute your absolute and percentage increase.

Record scores on a sheet of paper. Discuss if there is a better way to allocate resources?

There is no length required for this paper but it has to include all of the requirements listed above. Please upload a Word document using APA format for this assignment. Where applicable, you must show your derivations, analysis and how you obtained the responses/answers. Use title page, in-text citations, references, appropriate font size, double spaces, etc where appropriate

find the cost of your paper

Discussion Forum: Course Reflection

ILOs Understand the general nature, purposes, and techniques of literature with a sense of its relationship to life and culture. Recognize a representative selection of literary works by major writers….

The Value Of The Humanities

Required ResourcesRead/review the following resources for this activity:  Minimum of 1 scholarly source  Use textbook Chapter 1 Initial Post InstructionsFor the initial post, address the following: What is the value….

Assignment: Designing a Plan for Outcome Evaluation

SOCW 6311 wk 10 Assignment: Designing a Plan for Outcome Evaluation Social workers can apply knowledge and skills learned from conducting one type of evaluation to others. Moreover, evaluations themselves can….