A social welfare function is thought to be additive along the lines proposed by Bentham and Mill: + Un W = U, + U2 + ... + where U; is individual i's utility and there are n individuals. Suppose an economy is made up of two individuals, John and Jane. John's utility function is Ujohn = 28/X and Jane's utility function is UJane = 2X. %D There is a fixed quantity of good X (100 units) evenly divided between John and Jane (50 units for each). Social welfare (W) is equal to: W = utils. (Enter your response rounded to the nearest whole number.) Social welfare could be improved if a portion of good X were transferred from to John Jane

A social welfare function is thought to be additive along the lines proposed by Bentham and Mill: + Un W = U, + U2 + ... + where U; is individual i's utility and there are n individuals. Suppose an economy is made up of two individuals, John and Jane. John's utility function is Ujohn = 28/X and Jane's utility function is UJane = 2X. %D There is a fixed quantity of good X (100 units) evenly divided between John and Jane (50 units for each). Social welfare (W) is equal to: W = utils. (Enter your response rounded to the nearest whole number.) Social welfare could be improved if a portion of good X were transferred from to John Jane

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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