Four consumers are willing to pay these amounts for haircuts: Each firm can give, at most, one
Question:
Four consumers are willing to pay these amounts for haircuts:
Each firm can give, at most, one haircut. To achieve efficiency, how many haircuts should be given? Which businesses should cut hair and which consumers should have their hair cut? How large is the maximum possible total surplus?
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To achieve efficiency in this scenario we need to match consumers with businesses in a way that maxi...View the full answer
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