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Define what we mean by Pareto optimality and given an example of a Pareto optimal allocation
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- Show that when all consumers and producers are price takers, a competitive equilibrium is always Pareto optimal.Explain the statement true or false. Give an example to explain your answer. "It is possible to have a Pareto efficient allocation where someone is worse off than she is at an allocation that is not Pareto efficient"What does the Pareto efficiency criterion state? A. An allocation of resources is efficient if it maximizes government revenue B. An allocation of resources is efficient if it maximizes producer surplus C. An allocation of resources is efficient if it is impossible to make someone better off without making someone else worse off D. An allocation of resources is efficient if it allocates resources equally among all individuals
- Short question find allocation that it is pareto optimality and it is not Envy Freeness up to one good?The first fundamental theorem of welfare economics states that a general competitive equilibrium is Pareto efficient. Explain with the aid of diagrams.What is the usefulness of the Edgeworth Box and Contract Curve in explaining Pareto Optimality?