Home / Questions / Imagine a simple economy with only two people Augustus and Livia a Let the social welfare ...
Imagine a simple economy with only two people. Augustus and Livia.
a. Let the social welfare function be
W = U_{L} + U_{A}
Where U_{L} and V_{A} are the utilities of Livia and Augustus, respectively. Graph the social indifference curves. How would you describe the relative importance assigned to their respective well-being?
b. Repeat part a when
W = U_{L} + 2U_{A}
c. Assume that the utility possibility curve is as follows: Graphically show how the optimal solution differs between the welfare functions given in parts a and b.
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