Welfare analysis, Microeconomics

Assignment Help:

Welfare Analysis

1-Of the following four institutions for allocating apartment to different people at different prices

  i.  The competitive market

 ii.  A discriminating monopolist

 iii. An ordinary monopolist

 iv. Rent control

a. Which one of the above four institutions are best and why? (In answering this question you need to define what is socially "good". This is not easy. Your primary guidance is your gut feelings however before you express your feelings to others you need to rationalize them and make them defensible. Pareto optimality is often used by a number of economists to discern various social states. )

b. Can you think of a situation where your answer in (a) is no longer your preferred institution?

c. Are your answers in (a) and (b) objective and value free? Explain. 

2- Consider a society in which a few people have everything and a great many of them have virtually nothing something like slavery, evaluate this society in terms of Pareto efficiency.


Related Discussions:- Welfare analysis

Cost theory, What are the economies and diseconomics of scale?

What are the economies and diseconomics of scale?

Available resources with the desired goals, Available resources with the de...

Available resources with the desired goals: To match the available resources with the desired goals: The complementary nature of some investment decisions make for planning. T

Government, A government official announces a new policy. The country wishe...

A government official announces a new policy. The country wishes to eliminate its trade deficit, but will strongly encourage financial investment from foreign firms. Explain why su

Basics of theory of demand, Basics of Theory of demand: The most famou...

Basics of Theory of demand: The most famous approach in the history of consumer behaviour, after indifference curve approach, is the revealed preference approach. In the revea

Explain the various forms of economic integration, Question: (a) Descri...

Question: (a) Describe the two major developments which have led in the adoption of Import Substitution Industrialisation by Developing Countries in the 1940s/50s. (b) Ill

Chemistry project help, I have a chemistry project which is title: "combati...

I have a chemistry project which is title: "combating desertification" so I have to come up with a practical solution to stop desertification or limit the spreading of deserts.. Is

Explain the industrial revolution, The Industrial Revolution The centur...

The Industrial Revolution The century after 1750, saw the industrial revolution proper: invention of steam engine, spinning jenny, power loom, hydraulic press, railroad locomot

Market, describe engineering cost theory in detail

describe engineering cost theory in detail

What is extracellular digestion, Extracellular digestion is that in which f...

Extracellular digestion is that in which food breaking into utile molecules that can be internalized by the cell is completed in the extracellular space, i.e., outside the cell. In

Show the environmental taxes, Q. Show the Environmental Taxes? Environm...

Q. Show the Environmental Taxes? Environmental Taxes: Taxes which are imposed on particular activities, or particular products, which are considered to be especially damaging t

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd