Pareto Efficient Finance Assingment Help With Solution

Indicate whether each of the following statements is true, false, or uncertain, and justify your answer.

a. If everyone has the same marginal rate of substitution, then the allocation of resources is Pareto efficient.

b. If the allocation of .resources is Pareto efficient, then everyone has the same marginal rate of substitution.

c. A policy change increases social welfare if, and only if, it represents a Pareto improvement A An increase in a states cigarette tax in order to fund education is a Pareto-improving policy.

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Consider an economy with two people, Victoria and Albert, and two commodities, tea and crumpets. Cummtly, Victoria and Albert would both be willing to substitute two cups of tea for one crumpet. Further, if the economy were to pro-duce one less cup of tea, the resources released from tea production could be used to produce three more crumpets. Is the allocation of resources in this economy Pareto efficient? If not. should there be more tea or more crumpets?

[This problem is for readers who know some calculus.] Suppose that there are only two people in society, Mark and Judy, who must split a fixed amount of income of $300. Mark's utility function is UM and his income is fm. Judy's utility function is U, and her income is IM. Suppose that
UM = 100 x
Let the social welfare function be
W = UM + UJ
What distribution of the total income between Mark and Judy maximizes social welfare?

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