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What would be a potentially better use of the money

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Question: Let us pretend that we know my children's utility functions and they look like this: TUchild = (1 *Utility Octonauts) (1*Utility from child's toys) - (1/2 utility from other child's toy) If it helps we can imagine that Octonauts is a non-competitive consumption good and toys are a competitive consumption good. Also note that each child gets one unit of utility from getting a toy but ONLY loses .5 units of utility from the other child getting a toy.

a. Did I make my children on net better off when I gave my daughter her doll? Or would I ALSO have to give my son his action figure to make them on net better off?

b. What would be a potentially better use of the money if I wanted to make my children happy and why?

Reference no: EM133599430

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