Economics Put the numbers in (1) through (4). When the answer is a decimal or fraction, write it as a fraction, for example, 4/5 or 11/9. There are two persons in the society with limited number of masks. The government wants to distribute the masks well between the two of them. It knows that each person's WTP (willingenss to pay) for the mask is as follows: Pesron 1: WTP = 20 - Y Person 2: WTP = 18 - Y Here, Y is the number of masks. Suppose that the government has 16 masks which are distributed to two persens If the goverpment bas u+ilitarian
Economics Put the numbers in (1) through (4). When the answer is a decimal or fraction, write it as a fraction, for example, 4/5 or 11/9. There are two persons in the society with limited number of masks. The government wants to distribute the masks well between the two of them. It knows that each person's WTP (willingenss to pay) for the mask is as follows: Pesron 1: WTP = 20 - Y Person 2: WTP = 18 - Y Here, Y is the number of masks. Suppose that the government has 16 masks which are distributed to two persens If the goverpment bas u+ilitarian
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Economics
Put the numbers in (1) through (4). When the
answer is a decimal or fraction, write it as a
fraction, for example, 4/5 or 11/9.
There are two persons in the society with limited
number of masks. The government wants to
distribute the masks well between the two of
them. It knows that each person's WTP
(willingenss to pay) for the mask is as follows:
Pesron 1: WTP = 20 - Y
Person 2: WTP = 18 - Y
Here, Y is the number of masks. Suppose that the
government has 16 masks which are distributed to
two persons. If the government has utilitarian
objective, it distributes (1)_
Person 1 and (2)__
2. If the government has Rawlsian objective, it
distributes (3)_
1 and (4)__
masks for
two for Person
masks for Person
two for Person 2.
Note. Utilitarian government pursues maximum
surplus for maximum number. Rawlsian
government tries to improve the condition of those
with the smallest surplus.
(1)
(2)
(3)
(4)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9f7fd7c3-39b6-4e7e-a6df-88930513583c%2F02b113dd-92bd-4b6e-a963-a2cef84c7479%2Fw5nrlc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Economics
Put the numbers in (1) through (4). When the
answer is a decimal or fraction, write it as a
fraction, for example, 4/5 or 11/9.
There are two persons in the society with limited
number of masks. The government wants to
distribute the masks well between the two of
them. It knows that each person's WTP
(willingenss to pay) for the mask is as follows:
Pesron 1: WTP = 20 - Y
Person 2: WTP = 18 - Y
Here, Y is the number of masks. Suppose that the
government has 16 masks which are distributed to
two persons. If the government has utilitarian
objective, it distributes (1)_
Person 1 and (2)__
2. If the government has Rawlsian objective, it
distributes (3)_
1 and (4)__
masks for
two for Person
masks for Person
two for Person 2.
Note. Utilitarian government pursues maximum
surplus for maximum number. Rawlsian
government tries to improve the condition of those
with the smallest surplus.
(1)
(2)
(3)
(4)
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