Suppose there are only two people, Mr. Mullinax and Ms. Fleming, who must split a fixed income of $50,000. For Mr. Mullinax, the marginal utility of…
1. Suppose there are only two people, Mr. Mullinax and Ms. Fleming, who must split a fixed income of $50,000. For Mr. Mullinax, the marginal utility of income falls and for Ms. Fleming, marginal utility of income also falls. The utility functions are identical. I(m) and I(f) are the initial amounts of income to Mr. Mullinax and Ms. Fleming, respectively.
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