Question: Question No. 3: Total Marks = 20[3+7+5+5] A. (1) What is a Pareto Principle? How does it help to determine the best project from a

Question No. 3: Total Marks = 20[3+7+5+5] A. (1)

Question No. 3: Total Marks = 20[3+7+5+5] A. (1) What is a Pareto Principle? How does it help to determine the best project from a set of three alternatives? Explain. (1) Jane wishes to give $200.00 to her two nephews, James (9 yr.) and Jake (7 yr.). Jane gave them ten minutes to come up with a plan to share this money. If they fail to come up with a plan, she would give $40.00 each to James and Jake. Use a two dimensional graph to measure payment to James along the vertical axis and payment to Jake along the horizontal axis. Show the initial allocation, $40.00 and $40.00 on the graph. Derive "Pareto frontier" and "Potential Pareto frontier" related to this initial allocation. (ii) If the initial allocation was $60.00 and $60.00 instead, show this point on your graph and derive "Pareto frontier" and "Potential Pareto frontier" related to the second initial allocation. (v) When Jane changed the "initial allocation", did it change the size of the "Pareto frontier and the size of the "Potential Pareto frontier? Explain

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