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Based on the statements below, the function represents: u;(x) is individual i's utility from overall allocation x. n W = Σa;u;(x) with each a; > 0. i=1 O a. The social welfare function O b. The weighted-sum social utility function ○ c. The utilitarian social utility function d. The minimax social utility function

Based on the statements below, the function represents: u;(x) is individual i's utility from overall allocation x. n W = Σa;u;(x) with each a; > 0. i=1 O a. The social welfare function O b. The weighted-sum social utility function ○ c. The utilitarian social utility function d. The minimax social utility function

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.9P
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Based on the statements below, the function represents: u;(x) is individual i's utility from overall allocation x. n W = Σa;u;(x) with each a; > 0. i=1 O a. The social welfare function O b. The weighted-sum social utility function ○ c. The utilitarian social utility function d. The minimax social utility function
Transcribed Image Text:Based on the statements below, the function represents: u;(x) is individual i's utility from overall allocation x. n W = Σa;u;(x) with each a; > 0. i=1 O a. The social welfare function O b. The weighted-sum social utility function ○ c. The utilitarian social utility function d. The minimax social utility function
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