3) There are 4 people in the market and 5 potential outcomes as shown in the table below:OutcomesPerson 1 Person 2 Person 3 Person 48125$150$75$100$99$99$998200$125$100$150$125$100$100$125$100D$100$200$125$150a) Using pairwise comparisons (i.e. comparing only 2 outcomes at a time), which allocations are Pareto improvements over other allocations?b) Which allocations are efficient? Explain.

Pareto improvement: It refers to the improvement in a system where changes in the distribution of…

3) There are 4 people in the market and 5 potential outcomes as shown in the table below: Outcomes Person 1 Person 2 Person 3 Person 4 $125 $150 $100 $99 899 $200 $125 $100 $100 $200 $150 $125 A B C D E $125 $100 $150 875 899 $125 $100 $100 a) Using pairwise comparisons (i.e. comparing only 2 outcomes at a time), which allocations are Pareto improvements over other allocations? b) Which allocations are efficient? Explain.

3) There are 4 people in the market and 5 potential outcomes as shown in the table below: Outcomes Person 1 Person 2 Person 3 Person 4 $125 $150 $100 $99 899 $200 $125 $100 $100 $200 $150 $125 A B C D E $125 $100 $150 875 899 $125 $100 $100 a) Using pairwise comparisons (i.e. comparing only 2 outcomes at a time), which allocations are Pareto improvements over other allocations? b) Which allocations are efficient? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Econ Class 2023 Maximum Price willing to Pay Actual Price (Equilibrium Price or Market Price Maximum Price willing to Pay- Actual Price= Consumer Surplus Yal $300 $399.99 300-399.99=-99.99 Journey $350 $399.99 350-399.99= -49.99 Eri $600 $399.99 600-399.99= 200.01 Nev $899 $399.99 899-399.99= 499.01 Ant $300 $399.99 300-399.99= -99.99 Dev $400 $399.99 400-399.99= 0.01 Noe $350 $399.99 350-399.99= -49.99 Sue $400 $399.99 400-399.99= 0.01 Cia $320 $399.99 320-399.99= -79.99 Chris $350 $399.99 350-399.99=-49.99 Da $400 $399.99 400-399.99= 0.01 Me $679 $399.99 679-399.99= 279.01 calculate consumer surplus and demand curve. Please
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