Question: QUESTION 7 (7 marks) a) Define and explain the concepts of Pareto efficiency and potential Pareto efficiency. (Draw/construct relevant diagram(s) in your answer. Do not

QUESTION 7 (7 marks) a) Define and explain the concepts of Pareto efficiency and potential Pareto efficiency. (Draw/construct relevant diagram(s) in your answer. Do not copy and paste the diagram(s) from another source). b) Determine whether or not the following actions are Pareto improvements. In each case, make an argument defending your claim. i. The government uses taxpayer dollars to increase government aid to the elderly. ii. The government buys back some commercial fishing licenses using a loan paid for by the owners of the remaining fleet. ill. A consumer purchases a car from a dealership. iv. The border between Victoria and NSW is closed to stop the spread of virus

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