7 5) There are three popular types of social welfare functions.Benthamite Social Welfare Function - W (u1, U2, ... Un) = E-14iEgalitarian Social Welfare Function - W (u,,U2. .. Un) = E-1 4 – 2 E, (41 – min(u,))Rawlsian Social Welfare Function - W(u1, u2, ... Un) = min(u;)Select two values of A in the Egalitarian Social Welfare Function such that it becomesequivalent to the Benthamite Function and Rawlsian Function respectively.(Note: Make sure that the first value in the option corresponds to Benthamite andsecond value corresponds to Rawlsian.)ON, 1/NO0, 1O1,0O 0.33, 0.670.67,0.33

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5) There are three popular types of social welfare functions. Benthamite Social Welfare Function - W(u₁, U₂,...UN) = Σ=1 U₁ Egalitarian Social Welfare Function - W(U₁, U₂, ... UN) = Σ₁₁ U₁ — λ Σ₁(u₁ — min(u₁)) Rawlsian Social Welfare Function - W(u₁, U₂, ...UN) = min(u₂) Select two values of λ in the Egalitarian Social Welfare Function such that it becomes equivalent to the Benthamite Function and Rawlsian Function respectively. (Note: Make sure that the first value in the option corresponds to Benthamite and second value corresponds to Rawlsian.)

5) There are three popular types of social welfare functions. Benthamite Social Welfare Function - W(u₁, U₂,...UN) = Σ=1 U₁ Egalitarian Social Welfare Function - W(U₁, U₂, ... UN) = Σ₁₁ U₁ — λ Σ₁(u₁ — min(u₁)) Rawlsian Social Welfare Function - W(u₁, U₂, ...UN) = min(u₂) Select two values of λ in the Egalitarian Social Welfare Function such that it becomes equivalent to the Benthamite Function and Rawlsian Function respectively. (Note: Make sure that the first value in the option corresponds to Benthamite and second value corresponds to Rawlsian.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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