a) Assume a case where Anna works the land owned by Bob. By referring to the diagram above, explain how does Anna rank the possible allocations marked as X, Y, Z and A? b) Now assume a separate case whereby Anna is a slave to Bob. It is also given that Anna recently suffered from Corona virus and thus her nutrition needs are amplified- for more hours of work that she puts in, she requires more bushels of wheat, even just to survive. Draw a modified version of the diagram above to depict how Anna's biological survival constraint change in this case and also
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- Suppose the only resource in the world is an apple pie, and Ann and Bob both like pie. Let's imagine that the world begins with Ann and Bob each owning two slices of pie. Now, suppose, Ann's share is taken away, and one slice goes to Bob and one slice is left unallocated. Then: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The new allocation is inefficient because Ann was made worse off than before. The new allocation is efficient because the pie has been reallocated. The new allocation is inefficient because the unallocated pie could be used to make either one happier without hurting the other. d The new allocation is inefficient because Ann and Bob are no longer splitting the pie equally.1. Write down an exchange economy model with two individuals and two goods, in whichthere is no consumption externality. State and explain the key assumptions of the model.Using the model, answer the following questions:(a) Explain carefully how the concept of Pareto efficiency differs from that of socialwelfare.(b) State the Second Theorem of Welfare Economics and explain carefully why it holds.What is the importance of the assumption of convex preferences to this theorem?Consider a pure exchange economy with complete markets so that the Welfare Theorems apply. Which 2 of the following 8 options are false: If all Walrasian Equilibria are not Pareto efficient then someone's preferences must violate local non-satiation. O If everyone's preferences satisfy local non-satiation then every Walrasian Equilibrium must be Pareto efficient. O If there exists some Pareto efficient allocation which cannot be supported as a Walrasian Equilibrium for some choice of initial endowment, then at least one person has preferences violating at least one of local non-satiation, continuity and convexity. If preferences violate all three of local non-satiation, continuity and convexity then there must exist Pareto efficient allocations that can not be supported as Walrasian Equilibria for some choice of initial endowment. O If everyone's preferences satisfy monotonicity then every Walrasian Equilibrium must be Pareto efficient. O If everyone's preferences satisfy local…
- Need help with this homework thinking question (about opportunity costs) Sigmund Freud, in his 1930 essay Civilization and Its Discontents, argues that thesublimation of sexual desire leads to the mental energy required for advances in civiliza-tion: science, art, politics, etc. He writes,“Sublimation of instinct [such as sexual instinct] is an especially conspicu-ous feature of cultural development; it is what makes it possible for higherpsychical activities, scientific, artistic, or ideological, to play such an impor-tant part in civilized life... it is impossible to overlook the extent to whichcivilization is built up upon a renunciation of instinct...” How would an economist phrase Freud’s argument, in terms of opportunity costs? Might this explain the development of monogamous marriage as an institution?7:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?a. Using a production possibility frontier, an arbitrary price line that does not equate supply and demand in the goods market, and a mapping of homothetic indifference curves (you only need to show one indifference curve), indicate the point of production and the point of consumption in the final goods market that this economy will choose if in addition to seeking to maximize incomes from production it also wishes to maximize utility from the consumption of goods. In your depiction, is there a shortage of A or M?
- Use the Fundamental Theorem of Exchange and draw Edgeworth Box diagrams to show the conditions necessary for an 'efficient' allocation of two goods between two individuals. Use this model o evaluate the statement: "If two individuals have identical endowments of both goods there are no possible gains from trade". Hint: you need to develop your explanation of the theory and the efficiency conditions step-by-step. You need to draw several diagrams showing Edgeworth Box (rather than drawing one complicated crowded diagram).What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?Figure shows the combined production function of Angela and Bruno. If the government introduces a new social welfare program to cater to the poor of the society, wherein the reservation wage increases from 2 bushels of wheat to 6 bushels of wheat how would you model the situation? Draw a new diagram to show the impact of this welfare program and comment on who do you think would benefit from this intervention? Additionally, does the outcome of this intervention results in an allocation which is a pareto efficient one? Explain your reasoning. (Please Make sure your diagram is fully labelled)
- 1. Write down an exchange economy model with two individuals and two goods, in whichthere is no consumption externality. State and explain the key assumptions of the model.Using the model, answer the following questions:(a) Explain carefully how the concept of Pareto efficiency differs from that of socialwelfare.(b) State the Second Theorem of Welfare Economics and explain carefully why it holds.What is the importance of the assumption of convex preferences to this theorem?(c) Explain the concept of the utility possibility frontier. What is the role of the utilitypossibility frontier in the social welfare maximization problem of a welfarist society?Consider a 2x2 production economy with two firms, X and Y, and two factors of production, labor L and capital K. The total endowment of factors in the economy is 100 units of labor and 100 units of capital, so (L, K) = (100, 100). Firm X can produce output good X using labor and capital. The firm's technology is described by the following continuous and differentiable production function: fx(lx,kx) = alx + (1 – a)kx, where lx 2 0 is the quantity of labor and kx > 0 is the quantity of capital employed by firm X, and a e (0, 1) is a production parameter. Firm Y can produce output good Y using labor and capital. The firm's technology is described by the following continuous and differentiable production function: fr (ly, ky) = lk8, where ly > 0 is the quantity of labor and ky >0 is the quantity of capital employed by firm Y, and ß E (0, 1) is a production parameter. This is a small open economy, so output prices for goods X and Y, (px,pY) >> 0, are given. For all of the following…4.4 how am i supposed to show this, are there going to be two lines crossing over eachother?