Define expected value. What will be an ideal ...

[Arii_bell]

Define expected value.
 
  What will be an ideal response?

Question 2

If all the assumptions of perfect competition hold, the result is an efficient, or Pareto optimal, allocation of resources. What is necessary to prove this?
 
  What will be an ideal response?

[peter]

Answer to Question 1

The sum of the payoffs associated with each possible outcome of a situation weighted by its probability of occurring.

Answer to Question 2

To prove this statement, it is necessary to show that resources are allocated efficiently among firms, that final products are distributed efficiently among households, and that the system produces what people want.

[Arii_bell]

TYSM

[tuate]

Thanks for the timely response, appreciate it