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Question 1 (5 points, 1 point per question) 1. Define Pareto efficiency. Write down the equation that characterizes it inside an Edgeworth box with two agents, A and B, with strictly convex and strictly monotone preferences. 2. Donald thinks tacos from California are twice as good as tacos in DC, this is represented by the utility function u = 2tcA + toc. On top of that, tacos in California are also cheaper, being sold at $2 each, compared to DC, where the price is $3. Using the definition of bang-per-buck, explain why Donald will only eat tacos in California. 3. Explain the First Fundamental Theorem of Welfare Economics (that a competitive equilibrium is Pareto Efficient). Use up to two equations to describe it. 4. Explain why non-discriminating monopolies are not Pareto efficient. Then write the equation that char- acterizes its optimal strategy and describe it in your own words. 5. Suppose the indifference curves of a given consumer cross. Explain why this is inconsistent with the tran- sitive property. Feel free to use a graph. Hint: Write down the definition of transitivity and the definition of utility representation first (that u(.) represents _ when...)