d) Explain what is meant by the term Paretooptimality.Explain whether the Pareto criterion is an efficiency criterion or a distribution criterion.Is the equilibrium of free competition Paretooptimal? p=320– 2x, e) Market demand for an item is provided by where p is the price of the p = 20+ x. item and x is traded quantity. The market supply curve is provided by Find the market equilibrium during free competition and calculate the consumer surplus, producer surplus and socio-economic surplus.Illustrates graphically.

d) Explain what is meant by the term Paretooptimality.Explain whether the Pareto criterion is an efficiency criterion or a distribution criterion.Is the equilibrium of free competition Paretooptimal? p=320– 2x, e) Market demand for an item is provided by where p is the price of the p = 20+ x. item and x is traded quantity. The market supply curve is provided by Find the market equilibrium during free competition and calculate the consumer surplus, producer surplus and socio-economic surplus.Illustrates graphically.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter6: Demand Relationships Among Goods

Section: Chapter Questions

Problem 6.4P

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ONLY ANSWER QUESTIONS d and e