Can all of the allocations be pareto optimal

Reference no: EM131250694

Consider an economy composed of two people, Monday and Tuesday

a) There are two possible allocations, and neither Monday nor Tuesday likes these allocations equally well. (That is, each of them believes that one of the allocations is better than the other. They don't necessarily agree as to which allocation is better.) Can both allocations be Pareto optimal? If not, explain why not. If so, give an example.

b) Now imagine that there are five possible allocations. There are no two allocations that Monday likes equally well, and there are no two allocations that Tuesday likes equally well. Can all of the allocations be Pareto optimal? If not, explain why not. If so, give an example.

c) Finally, imagine that there 108 allocations. Is it possible that none of the allocations is Pareto optimal? If not, explain why not. If so, give an example

Reference no: EM131250694

Questions Cloud

What should we say to maribel rivera : Ariel McCarthy: Yet we want to expand our horizons beyond the past and go with Dr. Binter and his medical technology presentation. What should we say to Maribel Rivera

Create two questions for case : You need to create two questions for case and answer one of them - the company became one of the best known battery brands in the U.S. and quickly established itself as the leading marketer of value-brand batteries in North America.

Why older study was used as a reference in the newer study : Discussion of why the older study was used as a reference in the newer study.. Discussion of whether the older study supports or does not support the conclusions of the newer study.

Distribute the chemical at marketing marginal costs : A chemical company can produce Q units of a chemical H, with marginal costs of MC = 9 + Q, and can distribute the chemical at marketing marginal costs of MC = 1. The demand for H is given by P = 30 - 1.5Q. If an external market exists where H can ..

Can all of the allocations be pareto optimal : Finally, imagine that there 108 allocations. Is it possible that none of the allocations is Pareto optimal? If not, explain why not. If so, give an example

Identify alternative policy options : Identify alternative policy options that could help to solve a problem in higher education? What criteria would you use to evaluate the alternatives?

Type of remedial actions can be taken : If company officials notice that the average age of accounts receivable is getting older, what type of remedial actions can be taken? How does a company reduce the average number of daysthat are required to collect receivables so that cash is avai..

Which is more applicable across the widest possible range : Write a one to two page paper in which you determine which is more applicable across the widest possible range of situations: process modeling or configuration management. Be sure to explain your rationale.

Show that no other allocation is pareto optimal : Let p be the price of ale measured in bread. Find George's best attainable commodity bundle(s) when p is equal to 1 and when it is greater than 1. Find Harriet's best attainable commodity bundles when p is equal to 2 and when it is less than 2

User Account

All Pages