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Is the lottery a fair way to allocate economic resources? Discuss, referring to both of the following:
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- Is the lottery a fair way to allocate economic resources? Discuss, referring to both of the following:a)procedural judgements of fairnessb)substantive judgements of fairnessIs the lottery a fair way to allocate economic resources? Discuss, referring to both of the following: procedural judgements of fairness substantive judgements of fairness →Refer to substantive judgements of fairness Is the lottery a fair way to allocate economic resources
- Sharing the Surplus A farmer works on a plot of land owned by a landlord. The figure below illustrates the feasible combinations of free time and bushels of grain. Why does the farmer’s feasible frontier slope down? Why is it concave? The farmer’s reservation option is a job that pays 20 bushels of grain for 10 hours of work - this option is labeled Z in the figure. What is the name of the curve running through Z? What does this curve illustrate? Why does it have the shape it has? If the landlord knows the farmer’s feasible frontier, along with the other curve given in the figure, then they will make the take-it-or-leave-it offer implied by point X in the figure. How does this point relate to the distance between the two curves? How does this point relate to MRS and MRT? What is the (approximate) surplus in bushels under the landlord’s take-it-or-leave-it offer? How is the surplus split between the farmer and landlord? Is this allocation efficient? Is it fair? Briefly explain…It is well-known that when a couple ‘lives together before marriage,’ then this increases the chance of divorce.How might an economist explain this phenomenon, using the concept of opportunity cost? Briefly explain.Define the opportunity cost . What is the significance of opportunity cost in economics.
- who was the author of brutus IAs a Welfare Economics student, comment on how the county dividend should be allocated.xt:Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she could follow is, "Choose the activity with the highest value" (A). Another rule she could follow is, "Choose the activity with the lowest opportunity cost" (B). Do you think Bong-Cha's choice if she follows rule (A) will be the same as the choice she would make if she followed rule (B)? [another way to think about it, "Is rule (A) identical to rule (B) in a sense that they would both induce the same choice?"].
- Rachael starts out with 10 lobsters and 5 coconuts. Freya starts out with 10 lobsters and 15 coconuts. After trading, Rachael ends up with 8 lobsters and 10 coconuts. Rachael feels neither better nor worse off than when she started but cannot get Freya to agree to any more trades. Freya feels better off than when she started. Draw the Edgeworth box consistent with this story.Explain the concept of opportunity costs and provide at least two real world examples illustrating its usefulness.Could you please provide an example (article) of the opportunity cost in real life and explain in economic terms why opportunity cost is in that particular situation?