[This problem is for readers who know some calculus.] Suppose that there are only two people in
Question:
UM = 100 × IM 1/ 2 and UL = 200 × IJ 1/ 2
Let the social welfare function be
W =UM + UJ
What distribution of the total income between Mark and Judy maximizes social welfare?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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In this case the Edgeworth Box is actually a line because there is only one good on the island The set of possible allocations is a straight line 100 units long Every allocation is Pareto efficient because the ...View the full answer
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Rustia Melrod
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