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QUESTION THREE (a) (i) Discuss the concept of the Edge worth box in depicting the Endowments and preferences of two individual consumers. (6mks) (ii)
QUESTION THREE (a) (i) Discuss the concept of the Edge worth box in depicting the Endowments and preferences of two individual consumers. (6mks) (ii) Describe a Pareto efficient allocation. (4mks) (b) Distinguish between moral hazard and adverse selection. (5mks)
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a i The Edgeworth box is a graphical representation of the endowments and preferences of two individ...
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Consumer Behavior Buying, Having and Being
Authors: Michael R. Solomon
11th edition
978-0133451153, 133450899, 133451151, 978-0133450897
