Suppose there are 3 people: Jane, Josh, and Jun. They start at point A, which gives...

Suppose there are 3 people: Jane, Josh, and Jun. They start at point A, which gives a payoff of {2,3,1}. Should they move to point B (payoff of {6,4,2}) or point C, which gives {3,3,4}. (a) Explain how both point B and point C represent a Pareto Improvement. (b) Suppose through trade, the 3 people end up at point C. Would they vote to move to point B? Explain why this is not a Pareto Improvement.

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Rahul Sunny answered 1 year ago

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