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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.
Question: Explain the contribution of capital accumulation in the progress of an economy? Capital makes the technological progress of the economy possible. Different technol
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
If I submit an economics problem(Home work), How soon it will be answered?
The elasticity coefficient is a number measured using price and quantity data to verify how responsive consumers are to changes in the price of a commodity. The elasticity coeffic
I have some Microeconomics problem need to be solve, three Long question and 10 multiple-choice. If I give you four hours can you finish.
Principle Agent Problem [Dealing with hidden action] Assume that the employer (principle) wants its employee (agent) to work hard [You can safely assume that this maximizes th
what is the law of diminishing marginal product? explanation with the help of proper schedule and diagram.
Is it possible for a firm to experience a technological change that would increase the marginal product of labor while leaving the average product of labor unchanged?
For the pizza seller whose marginal, average variable, and average total cost curves are shown in the graph below, what is the profit-maximizing level of output and how much profit
Explain Monetarist and Monetary policy Monetarist: A group of economists who believe that alters in the money supply are the most effective instrument of government economi
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