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1. Precisely define 'Pareto improvement'.

1. Precisely define 'Pareto improvement'.

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter22: Frontiers Of Microeconomics
Section: Chapter Questions
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Question 10 General Equilibrium and Social Welfare 1. Precisely define 'Pareto improvement. 2. Precisely define 'Pareto efficiency'. 3. BONUS: Pick either i) the Utilitarian (developed by Jeremy Bentham, the guy you saw in the lecture video and whose stuffed body is displayed inside my old college, University College London) or ii) the Rawlsian social welfare function. Define it (in words or using a formula). Then explain what the social welfare function you picked implies for the allocation of goods between people.
Transcribed Image Text:Question 10 General Equilibrium and Social Welfare 1. Precisely define 'Pareto improvement. 2. Precisely define 'Pareto efficiency'. 3. BONUS: Pick either i) the Utilitarian (developed by Jeremy Bentham, the guy you saw in the lecture video and whose stuffed body is displayed inside my old college, University College London) or ii) the Rawlsian social welfare function. Define it (in words or using a formula). Then explain what the social welfare function you picked implies for the allocation of goods between people.
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