Social welfare function, Microeconomics

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.

Posted Date: 2/23/2013 2:02:15 AM | Location : United States

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