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4.) Pizza Susan U110 B U140 D U40 Uo U$10 Hamburgers OLiz a.) Define, in your own words (do NOT copy definition from text),
4.) Pizza Susan U110 B U140 D U40 Uo U$10 Hamburgers OLiz a.) Define, in your own words (do NOT copy definition from text), what it means for an allocation to be Pareto Efficient. b.) Using the figure above, determine which of the labeled points are Pareto Efficient. Be sure to explain why you claim each point is or is not Pareto Efficient. c.) Define the term Pareto Improvement (strong version). Does a Pareto Improvement necessarily lead to Pareto Efficiency? Why or why not? d.) Starting from the initial allocation of resources at Point-A, determine whether a movement from Point- A to each of the other four labeled points is a Pareto Improvement (strong version). Be sure to explain.
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