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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.
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Sally recently finished her full time training and received certification as a nurses aid at the end of august.
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Factors determine the price elasticity of supply: The price elasticity of supply varies widely across different products. Some products have more leastic supply, while others
Resilience in Addition to Strength: The BOP has been in overall surplus since 1996-97 with forex reserves rising, on an average, by $8.50 billion per annum during 1996-97 to 2
show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
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What population information is needed by local authorities to provide the right number of primary and secondary school places? How would such information affect the plans of the lo
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merits and demerits of international trade
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