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- Explain why the Fundamental Theorem of Welfare Economics implies that there is no intrinsic trade-off between efficiency and interpersonal equity. Demonstrate the argument using two Edgeworth box, making sure that you describe all the elements of the box appropriately.social preferences are not really preferences, and unselfish behavior is really motivated by the desire to follow rules and conventions with respect to what is fair. Is this interpretation correct?Explain why the Second Fundamental Theorem of Welfare Economics implies that there is no intrinsic trade-off between efficiency and interpersonal equity.
- Public schooling is a "take-it-or-leave-it" option. Individuals are not allowed to supplement public education with private lessons. How would the diagram be modified if parents could purchase additional houses of education for their children who are already enrolled in public school? a. No change to the diagram b. The budget constraint shifts to the right and passes point X c. The budget constraint shifts left and passes point c0 d. The indifference curve shifts down and to the left and passes point xDraw the following scenario: John is selfish, Sam is altruistic, and both have the same income level. If income is on the vertical axis and charity expenditure in on the horizontal axis, use the indifference curve framework with well-behaved preferences to show the effect of a forced charity on both person’s utility optimization. The graph may be something like this?Second Fundamental Theorem of Welfare Economics a. Describe the theorem, making sure that you define clearly the terms used in the description (e.g. if you use the term “efficient” you have to describe what this means). b. Explain why the theorem implies that there is no intrinsic trade-off between efficiency and interpersonal equity. c. Demonstrate your argument using an Edgeworth box, making sure that you describe all the elements of the box appropriately.
- Which of the following statements best describes how individuals maximize their utility given a constraint? a) this can be shown when the budget constraint is tangent to the highest indifference curve b) this can be shown when the budget constraint is tangent to the highest indifference curve well above the contraint c) none of these possible answers make sense d) this can be shown when the budget constraint is tangent to the lowest indifference curve possibleFollow up questions: 1.Using a new box diagram for Jack and Blue, mark a possible initial endowment point and, with the help of a budget constraint line and indifference curves, show an excess demand for Hats at a given price and explain the economic significance of excess demand. Label your diagram in full. 2.Reproduce the diagram you used for Q2 and explain what must happen to the price of Hats relative to the price of Cookies for equilibrium to be established, eliminating the excess demand for Hats. Show this on your diagram and explain the adjustment process and equilibrium outcome in full.3.Discuss in full the implications for efficiency and fairness of the First Welfare Theorem and the Second Welfare TheoremApply marginal utility theory to the paradox of value
- Considering the given possible uses of candy, which of the four choices could be Pareto Efficient (assuming candy is a “good”)? Among the four choices, which policy would yield the highest value according to a “Rawlsian” welfare function? (assuming that sweet/candy is a “good”) Explain. CHOICE 1: Every student gets one candy. The remaining candies are thrown in the bin. CHOICE 2: One student gets all the candies CHOICE 3: Every student gets two candies except for one student, who gets no candy; the remaining go in the bin. CHOICE 4: All the candies go in the binIs Pareto Efficiency enough to explain Welfare economics?