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The economy consists of Peter and Mary. Peter has the following utility function U^P=2(yP)0.5 where yP is Peter's income. Mary's utility function is U^M = (yM )0.5 + 0.5 · U^P where yM is Mary's income. The total income available in the economy is fixed and equal to $20,000.
a) What is the welfare maximizing distribution of income if the social welfare function is W=U^P +2U^M?
b) What is the welfare maximizing distribution of income if the social welfare function is W = min[U^P , U^M ]?
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