(Figure: Crumpets and Tea II) If the economy is at point 4, the input mix is: Mateo's crumpets 7 6 5 4 3 2 1 0 6 Lucia's tea ->> 5 a 2 0 C D U UB 1 2 3 45 67 Lucia's crumpets- 2 3 5 6 <<-Mateo's tea not Pareto-efficient; a movement to point C or point D would be a Pareto improvement. not Pareto-efficient; only a movement to point D would be a Pareto improvement. not Pareto-efficient, a movement to point C or point D would be Pareto-inefficient. Pareto-efficient; a movement to any other point would be Pareto-inefficient.

(Figure: Crumpets and Tea II) If the economy is at point 4, the input mix is: Mateo's crumpets 7 6 5 4 3 2 1 0 6 Lucia's tea ->> 5 a 2 0 C D U UB 1 2 3 45 67 Lucia's crumpets- 2 3 5 6 <<-Mateo's tea not Pareto-efficient; a movement to point C or point D would be a Pareto improvement. not Pareto-efficient; only a movement to point D would be a Pareto improvement. not Pareto-efficient, a movement to point C or point D would be Pareto-inefficient. Pareto-efficient; a movement to any other point would be Pareto-inefficient.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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