The question is in the attached image. Thank you! 2) Define the following terms and give an example:a) Pareto efficiencyb) Pareto inefficiency (Discuss why it is inefficient)c) Ordinal Utilityd) Cardinal Utility (Discuss why this is rarely used)e) Monotonic Transformation (example below)f) Necessary goodg)Luxury goodh) Giffen goodsi) Marginal Rate of Substitutionj) Suppose I have a function f(x1, x2) = V¤, + Vĩ,. Using this functionprovide two examples of monotonic transformations and two examples oftransformations that are not monotonic.

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2) Define the following terms and give an example: a) Pareto efficiency b) Pareto inefficiency (Discuss why it is inefficient) c) Ordinal Utility

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

The question is in the attached image. Thank you!

2) Define the following terms and give an example:
a) Pareto efficiency
b) Pareto inefficiency (Discuss why it is inefficient)
c) Ordinal Utility
d) Cardinal Utility (Discuss why this is rarely used)
e) Monotonic Transformation (example below)
f) Necessary good
g)Luxury good
h) Giffen goods
i) Marginal Rate of Substitution
j) Suppose I have a function f(x1, x2) = V¤, + Vĩ,. Using this function
provide two examples of monotonic transformations and two examples of
transformations that are not monotonic.

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