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Discuss the first and second fundamental theory of Welfare Economics.
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- According to the welfare theory covered in the unit, which of the following statements is true? a. A general-equilibrium Pareto-efficient outcome will always be welfare maximising, according to the First Welfare Theorem. b. A general-equilibrium Pareto-efficient outcome will always be welfare maximising, according to the Second Welfare Theorem. c. A general-equilibrium Pareto-efficient outcome may not be welfare maximising, due to lack of equity in the distribution of the resources of an economy. d. A general-equilibrium Pareto-efficient outcome will always be welfare maximising, because all Pareto-efficient outcomes maximise welfare by definition.Write the two views of the basis for determining the social discount rate?Draw a new the Edgeworth box for second fundamental theorem of welfare economoics, and describe all its elements. Please do not use the existing one in Bartleby, please answer fast.
