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4.4 Using diagrams, discuss and explain the three conditions for optimal social welfare.
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- Question 10 General Equilibrium and Social Welfare 1. Precisely define 'Pareto improvement. 2. Precisely define 'Pareto efficiency'. 3. BONUS: Pick either i) the Utilitarian (developed by Jeremy Bentham, the guy you saw in the lecture video and whose stuffed body is displayed inside my old college, University College London) or ii) the Rawlsian social welfare function. Define it (in words or using a formula). Then explain what the social welfare function you picked implies for the allocation of goods between people.the table below reflects the marginal benefit Kim and Jeremy place on each additional coke- their first second, etc. Below fill in the market demand schedule for coke. Coke Marginal Benefit(WTP) Kim Jeemy 1" $L.0 $200 :13 SO.75 $155 :13 S0.15 SO00 3,15 ŞO.00 Ş.00 0 Demand Schedule Price Q $200 $150 $100 $0.50Under __________, the resources are utilized efficiently to produce socially useful goods without taking the profit margin into account. a. Capitalist economy b. Socialist economy c. Market economy d. Mixed economy
- 1. Private goods. a. Please explain private goods. b. Please explain their characteristics. c. Please give 2 examples of private goods, including why those examples best fit your definition.C. How would you calculate: (1) the total amount of subsidy incurred by the government to socially efficient allocate?2
- Jake and Latasha are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley ← (both in bushels per acre) Jake 14 7 Latasha 30 6 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.The hypothetical city of Hogsmeade is trying to decide how many city beautification projects should be approved each BA4 year. These projects involve planting gardens, commissioning murals, and building fountains. What type of good are city beautification projects? A.Private Good B.Common Resource C.Artificially Scarce Good D.Public GoodWhich of the following assertions regarding social efficiency and social welfare iscorrect?a. They are the same conceptb. Social welfare includes both economic efficiency and equity whereas socialefficiency does not include equityc. Social efficiency includes both economic efficiency and equity whereas socialwelfare does not include equityd. Social efficiency is a higher standard than social welfare.
- Use the following graph to identify the equilibrium at the social optimum (Es), the competitive market equilibrium (EM), the quantity produced at the social optimum (Qs), and the quantity produced at the competitive market equilibrium (QM). Price S social Sinternal Dinternal quantity A Es BEM c) Qs D QM2. Residents in a town are voting to decide where a new library will be built. The residents" homes are on the same street and the "map" of the town is represented below. The letters represent the location of each house. The numbers represent distance in 100 meters (in other words, house 'a' is 100 meters from house 'b' and 1200 meters from house i). Each house- hold would receive a utility of 12 if the library was built in front of that house; utility decreases by I unit as the distance to the library increases by 100 meters. Use the distance markers (the numbers) to indicate where the library should go according to the following aggregation methods:4. The government of a country must make a decision between increasing military spending and subsidizing food available because the trucks carrying it are on strike, Shehi water available for irrigating a crop because it is used for other crops. 1. Any resources that are made by humans and used to create other goods and services are called Identify the choice that best completes the statement or answers the question. racy Intro to Economics Chapter 1 9-20-21 333 2nd hr Class: pate: Multiple Choice a. services, b. production. An example of a shortage is limited amounts of capital. labor. 2. a. b. labor available because the workers baye other joos c. food available because few people want The resources used to make all goods and services are the production possibilities. factors of production. d. 3. buy it. production trade-offs. d. opportunity costs. c. wheat farmers. This kind of decision is a guns or butter issue, decision at the margin. global trade-off. basic economic decision. с.…
