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2 i) Explain what are the key assumptions by the welfarist approach.
ii) Define and discuss the properties of a Generalized Utilitarian social welfare function and represent it graphically.
iii) Represent graphically an utilitarian and a Rawlsian maximin social welfare function.
Using an Edgeworth box define and graphically represent the contract curve when all individuals have:
i) Convex indifference curves.
ii) Substitutes linear indifference curves.
iii) Complements kinked indifference curves.
Using an Edgeworth box represent:
i) A Pareto indifferent allocation.
ii) A weak Pareto improvement.
iii) A strong Pareto improvement.
iv) A Pareto optimal allocation.
determinants of demand and determinants of supply
The "Battle of Sexes" is a famous game. The story is that a couple tries to decide what to do on a Friday evening. The girl prefers to go to an Opera and the guy prefers to go to t
Market-Friendly Reforms: One main shortcoming of present development cooperation is that recipients of development cooperation is that recipients of development finance are d
I have to make a research paper project on Investigating the buying behavior of individuals in the white goods sector and seeing if there exists any negative relationship between d
Consider an infinitely repeated prisoner's dilemma game by two players. The resultant payoffs at each stage by the actions of two players are given below in the table (payoffs are
Hotel rooms go for $100/room and sell 1000/day; if taxed at $10/room and rate goes to $108 and 900 rooms are sold, what''s the tax revenue and dead weight loss?
explain optimal use of variable input?
What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.
What is Hybridization? Atomic orbitals can be combined, in a process called hybridization in chemistry , to describe the bonding in polyatomic molecules. Descriptions of the b
Ask qExplain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the com
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