LS 145 Disc_Week 2_Handout

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University of California, Berkeley *

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145

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Management

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Feb 20, 2024

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pdf

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LS 145 Discussion Section, Fall 2023, Week 2 Quiz 1 and 2 Review GSI: Cristina Violante 1 1. In your own words, describe Pareto and Kaldor-Hicks efficiency. 2. How big does X have to be in Distribution 2 to be a Kaldor-Hicks improvement over Distribution 1? A B C Distribution 1 4 4 6 Distribution 2 7 X 5 Questions 3-6 deal with the following scenario: Andy has an old sweater of their mother’s that has recently come back in fashion. Andy values the sweater at $20. Bowie has $40, and really likes Andy’s sweater, valuing it at $30. 3. What are Andy and Bowen’s threat values? What is the difference, both conceptually and numerically, between their threat values and what the sweater is worth to them?

LS 145 Discussion Section, Fall 2023, Week 2 Quiz 1 and 2 Review GSI: Cristina Violante 2 4. Bowie coerces Andy to sell them the sweater for $10. Despite the fact that it is illegal, is society wealthier? Why or why not? 5. Suppose that Andy still values the sweater at $20, but Bowie only values it at $15. Is a coercive sale for $10 Kaldor-Hicks efficient? Why or why not? 6. What is the difference between the scenarios in questions 4 and 5?

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