Why is the answer c? Using Figure 2, determine the efficient allocation of a fixed water supply of 22 units of water. MB = 8 b. and MB stand for the marginal net benefits of water for groups A and B, respectively. a. Q = 14;QB = 12; QB = 10 c. = 16;Q = 6d. Q₁ = 18;Q = 4 e. None of the above A B A ure 2 60 60 C vig Water Allocation nigni 50 50 40 40 30 30 20 20 10 10 0 45 50 5 10 15 V20 S25 30 35 40 40 bremenigniVylqque- QuantityЯylqqu -MBA MBB

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Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.