Answer the following questions: (1). Define the Second fundamental theorem. Use the Edgeworth box to explain....

Answer the following questions:

(1). Define the Second fundamental theorem. Use the Edgeworth box to explain.

(2). And write down the Samuelson’s condition for the optimal provision of a public good. Use an example to explain your understanding of it.

(3) And explain the similarities and differences between a Prisoner dilemma and the game of Chicken for voluntary provision of public goods. Provide examples.

(4). What is the voting paradox? Explain the voting paradox in the Business goal game you have learned. If you are playing the game as the leader in the group “Right”, what are your best strategies for your group and explain why?

Expert Solution

Rahul Sunny answered 2 years ago

. Define the Second fundamental theorem. Use the Edgeworth box to explain.

2. Define and explain what a Pareto improvement is, using an Edgeworth box.

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what is the second fundamental theorem of welfare economics ? please provide detail explanation and an...

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