Give an example of a social welfare function that leads to the egalitarian allocation that everyone should be given exactly the same bundle of goods. For simplicity, assume a four-person economy with two goods, where each person's utility is given by U; = X;Y; for i = 1, 2, 3, and 4. A social welfare function leading to everyone being given the same bundle of goods is A. W=U1 + U2 + U3 + U4. O B. W=U, +U2 + U3 + U4. c. W= max (U1,U2,U3,U4}. O D. W=U, xU2 × U3 ×U4. O E. W= U, + Uz + /U3 + /U4 ·

Give an example of a social welfare function that leads to the egalitarian allocation that everyone should be given exactly the same bundle of goods. For simplicity, assume a four-person economy with two goods, where each person's utility is given by U; = X;Y; for i = 1, 2, 3, and 4. A social welfare function leading to everyone being given the same bundle of goods is A. W=U1 + U2 + U3 + U4. O B. W=U, +U2 + U3 + U4. c. W= max (U1,U2,U3,U4}. O D. W=U, xU2 × U3 ×U4. O E. W= U, + Uz + /U3 + /U4 ·

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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