Question
Asked Nov 3, 2019

“If we take $1 away from a rich person and give it to a poor
person, the rich person loses less utility than the poor per-
son gains.” Comment.

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Step 1

It is given that “if we take $1 away from a rich person and give it to a poor person, the rich person loses less utility than the poor person gains”

The rich person has plenty of money to spend so the loss of $1 would not be a big thing for rich people. On the other hand, a poor person is struggling ...

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