This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: How is a potentially efficient change different from a Pareto optimal change? What will be an ... (Read 89 times)

j.rubin

  • Hero Member
  • *****
  • Posts: 557
on: Jun 29, 2018
How is a potentially efficient change different from a Pareto optimal change?
 
  What will be an ideal response?

Question 2

Refer to Table 4-4. If a minimum wage of 10.50 an hour is mandated, what is the quantity of labor demanded?
 
  A) 400,000 B) 370,000 C) 340,000 D) 60,000


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

SeanoH09

  • Sr. Member
  • ****
  • Posts: 323
Reply #1 on: Jun 29, 2018
Answer to Question 1

For a potentially efficient change, benefits must exceed costs; however, some people can be made worse off as a result. In a Pareto optimal solution, no party is made worse off due to a change.

Answer to Question 2

C


j.rubin

  • Member
  • Posts: 557
Reply 2 on: Jun 29, 2018
Excellent

Dnite

  • Member
  • Posts: 297
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Donald Trump and Climate Change Donald Trump and Climate Change
The More Things Change, The More They Say the Same: Dividing the Nation's Income The More Things Change, The More They Say the Same: Dividing the Nation's Income
Carbon Dioxide, Trace Gases, and Climate Change Carbon Dioxide, Trace Gases, and Climate Change
Binding change model for ATP synthase Binding change model for ATP synthase
The ability to solve problems may be highly efficient in the older adult The ability to solve problems may be highly efficient in the older adult
For each function f(x) = 6x^2 - 4, estimate the instantaneous rate of change for the given ... For each function f(x) = 6x^2 - 4, estimate the instantaneous rate of change for the given ...
Video: Introduction to Insulin

For a complete list of videos, visit our video library