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Author Question: How is a potentially efficient change different from a Pareto optimal change? What will be an ... (Read 108 times)

j.rubin

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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


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SeanoH09

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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

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

AmberC1996

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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