Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. I once threw out an an awkward worded exam question and instead gave everyone the point. One of the students got mad and stated

1. I once threw out an an awkward worded exam question and instead gave everyone the point. One of the students got mad and stated he should not be penalized because he got the question correct. "It's not fair to give everyone a free point". Using the concepts from the chapter, is this student correct? Hint: Your answer should include the term "utility".

2. Is it unfair if your boss randomly gives half the workers a 3% raise and the others 4% raise? Hint: Your answer should include the term "utility"

3. If a family member receives $100 to split with you, but they give you $20 and keep $80 is it rational to be happy? Would you think this was fair?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Theories Of Value From Adam Smith To Piero Sraffa

Authors: Ajit Sinha

2nd Edition

0429807716, 9780429807718

More Books

Students also viewed these Economics questions