{"id":106445,"date":"2022-01-26T17:59:00","date_gmt":"2022-01-26T17:59:00","guid":{"rendered":"https:\/\/essayparlour.com\/paperhelp\/?p=106445"},"modified":"2022-01-26T17:59:00","modified_gmt":"2022-01-26T17:59:00","slug":"bob-carol-and-ted-are-residents-of-a-tiny-commune","status":"publish","type":"post","link":"https:\/\/essayparlour.com\/paperhelp\/business-economics-2\/bob-carol-and-ted-are-residents-of-a-tiny-commune\/","title":{"rendered":"Bob, Carol, and Ted are residents of a tiny commune"},"content":{"rendered":"<table style = 'table-striped table-bordered table-hover' responsive='true'>\n<tr>\n<th>Question<\/th>\n<\/tr>\n<tr>\n<td>Bob, Carol, and Ted are residents of a tiny commune in darkest Peru. Bob currently has a utility level (Ub) of 55 utils, Carol&#8217;s utility (Uc) is 35 utils, and Ted&#8217;s utility (Ut) is 10 utils. Alice, the benevolent ruler of the commune, has discovered a policy that will allow her to redistribute utility between any two people she chooses in a util-to-util transfer.<br \/>\n a. If Alice believes the social welfare function is given by W = min(Ub, Uc, Ut),<br \/>\n i. Recommend a transfer that will improve social welfare, if any such transfers are possible.<br \/>\n ii. What is the highest level of welfare that the commune can achieve, and how must utility be divided among Bob, Carol, and Ted?<br \/>\n b. If Alice believes the social welfare function is given by W = Ub + Uc + Ut,<br \/>\n i. Recommend a transfer that will improve social welfare, if any such transfers are possible.<br \/>\n ii. What is the highest level of welfare that the commune can achieve, and how must utility be divided among Bob, Carol, and Ted?<br \/>\n c. If Alice believes the social welfare function is given by W = U b \u00d7 U c \u00d7 U t ,<br \/>\n i. Recommend a transfer that will improve social welfare, if any such transfers are possible.<br \/>\n ii. What is the highest level of welfare that the commune can achieve, and how must utility be divided among Bob, Carol, and Ted?<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Question<\/p>\n<p>\nBob, Carol, and Ted are residents of a tiny commune in darkest Peru. Bob currently has a utility level (Ub) of 55 utils, Carol&#8217;s utility (Uc) is 35 utils, and Ted&#8217;s utility (Ut) is 10 utils. Alice, the benevolent ruler <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-106445","post","type-post","status-publish","format-standard","hentry","category-business-economics-2"],"_links":{"self":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/comments?post=106445"}],"version-history":[{"count":1,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106445\/revisions"}],"predecessor-version":[{"id":106446,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106445\/revisions\/106446"}],"wp:attachment":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/media?parent=106445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/categories?post=106445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/tags?post=106445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}