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Your airplane crashes in the Pacific Ocean. You land on a desert island with one other passenger. A box containing 100 little bags of peanuts also washes up on the island. The peanuts are the only thing to eat. In this economy with two people, one commodity and no production represent that possible allocations in a diagram, and explain why every allocation is Pareto efficient. Is every allocation fair?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91736039

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