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Assume there is one good in the economy X, and utility is given by: Ua=Xa Ub=Xb The objective is to maximize the welfare of the social given that only 10 units of X exist in the economy. (i.e Xa+Xb=10) Suppose the utilitarian social welfare function is given by: W=Ua+Ub, how should the X be divided to maximize welfare, W?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9687904

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