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Help! Microeconomic Questions

Question attached, any help would be appreciated!
(edited 11 years ago)
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Reply 1
Avatar for danny111
danny111
3
I'm sure you would love it for someone to do your homework for you.
Reply 2
Avatar for mono105
mono105
OP
And if you could point on the part in that comment that said "do this for me", I'd be greatly appreciative, because as far as I can read, it says "any help would be appreciated..."
Reply 3
Avatar for danny111
danny111
3
How can we help you here other than doing it for you if you don't tell us what exactly you need help with? Given you did not specify at this point it seems you need help with everything.
Reply 4
Avatar for mono105
mono105
OP
It would seem that basic guidance on how to start would be obvious but clearly not..
Reply 5
Avatar for danny111
danny111
3
Well I would suggest writing down the condition for Pareto efficiency.
Reply 6
Avatar for mono105
mono105
OP
Which is when the MRS of the two are equal to each other?
Reply 7
Avatar for danny111
danny111
3
Original post by mono105
Which is when the MRS of the two are equal to each other?


Yes, the idea is no one can be made better off without someone else being worse off. So a situation where one guy is strictly better off and all the others the same would be a Pareto improvement. But a situation where all are better off, but the last one would be worse off, would not.
Reply 8
Avatar for mono105
mono105
OP
So would simply stating that tangency must occur be sufficient for the first part of a?

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