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2 i) Explain what are the key assumptions by the welfarist approach.
ii) Define and discuss the properties of a Generalized Utilitarian social welfare function and represent it graphically.
iii) Represent graphically an utilitarian and a Rawlsian maximin social welfare function.
Using an Edgeworth box define and graphically represent the contract curve when all individuals have:
i) Convex indifference curves.
ii) Substitutes linear indifference curves.
iii) Complements kinked indifference curves.
Using an Edgeworth box represent:
i) A Pareto indifferent allocation.
ii) A weak Pareto improvement.
iii) A strong Pareto improvement.
iv) A Pareto optimal allocation.
The Hypothesis of Rational Expectations : In the General Theory (Keynes, 1936) we noted that the state of expectations was taken as given. There was, in addition, explici
large firms charge the price which is higher than the small firms, contruct the diagram
cobb douglas production function?
LANTHENOIDS
Suppose that nominal interest income is taxed at a rate of 30%. Calculate the before-tax real interest rate and the after-tax real interest rate if the nominal interest rate is 6%
construct your own version of a production possibility curve and use it to explain scarcity, opportunity cost and choice
Jane receives utility from days spent travelling on vacation domestically(D) and days
The production function for (a Music company ) their CDs is q= 25*K*L , where q is the number of CDs produced each month, K is the hours of equipment used, and L is the hours of la
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What is third degree price discrimination? Explain with case analysis,give two successful & unsuccessful cases of 3rd degree price discrimination.
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