Question: I have already submitted this assignment and did not get full marks. I want to understand why. Thank you Now suppose the goods can be

 I have already submitted this assignment and did not get fullmarks. I want to understand why. Thank you Now suppose the goods

I have already submitted this assignment and did not get full marks. I want to understand why. Thank you

can be costlessly redistributed. Consider whether some alternative allocations are Pareto efficientand how they compare to one another. Simplify any numerical solutions, but

Now suppose the goods can be costlessly redistributed. Consider whether some alternative allocations are Pareto efficient and how they compare to one another. Simplify any numerical solutions, but do not round. Note that certain solutions indicated below will be expressed in terms containing In. Allocation /: x, = 50, y, = 60, x, = 75, y, = 60 20. What is the value of MRS!? 21. What is the value of MRS? 22. Is / Pareto efficient (EF) or Pareto inefficient (IN)? State in your work the equality or inequality that proves your claim. 23. What is the value of 1's utility (this expression contains In)? 24. What is the value of 2's utility (this expression contains In)? Allocation //: x, = 80, y, = 60, x, = 45, y, = 60 25. What is the value of MRS!? 26. What is the value of MRS?? 27. Is / Pareto efficient (EF) or Pareto inefficient (IN)? State in your work the equality or inequality that proves your claim.28. What is the value of I's utility (this expression contains In)? 29. What is the value of 2's utility (this expression contains In)? 30. Is // Pareto superior (write PS in the space provided on the cover sheet), Pareto inferior (PI), or Pareto non-comparable (PN) to /? Demonstrate and explain in your work. Allocation III: x, = 120, y, = 90, x, = 5, y, = 30 31. What is the value of MRS!? 32. What is the value of MRS"? 33. Is III Pareto efficient (EF) or Pareto inefficient (IN)? Explain. Allocation II: x, = 60, y, = 50, x2 = 65, y, = 70 34. What is the value of MRS' (express as a simplified fraction)? 35. What is the value of MRS" (express as a somewhat ugly rational number, e.g., like 23/18)? 36. Is IT Pareto efficient (EF) or Pareto inefficient (IN)? Explain. 37. What is the value of 1's utility (this expression contains In)? 38. What is the value of 2's utility (this expression contains In)? 39. Is IT Pareto superior (PS), Pareto inferior (PI), or Pareto non-comparable (PN) to II? Demonstrate and explain in your work. 40. Is IT Pareto superior (PS), Pareto inferior (PI), or Pareto non-comparable (PN) to ? Demonstrate and explain in your work

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!