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Question 6 (1 point) Walmart replaces all their human greeters with face recognition technology purchased from a perfectly competitive market. Walmart gains $100 million in additional profit. Workers lose $120 million in wages. This is an example of A failure of perfect competition A otential Pareto improvement A Pareto improvement ONeither a Pareto improvement nor potential Pareto improvement An increase in economic efficiencyConsider the Edgeworth box in the figure below. CC Which of the following is true? I. A move from J to K is a Potential Pareto improvement II. A move from K to M is a Potential Pareto Improvement Ill. A move from J to M is a Pareto improvement Ol only Ill only Ol and Ill I, II, and IIIConsider a consumer who has a utility function given by: U = (100 - x)x + 2y and who is endowed with 50 units of x and 100 units of y. What is their demand function for x? O Px = - 100 Py O 1 Px x = 50 2 Py O 1 Px x = 25 - 2 Py Px O x = 50 Py 1 Px O x = 100 2 PyQuestion 9 (1 point) Consider two consumers A and B. Consumer A is endowed with 32 units of X and 32 units of Y. Consumer B is endowed with 24 units of X and 24 units of Y. Their utility functions are given by: UA = XAYA and UB = =XB + YB If the price ratio is equals 1/2, which of the following allocations constitutes a competitive equilibrium? XA = 18, YA = 36; XB = 38, YB = 20 XA = 48, YA = 24; XB = 8, YB = 32 XA = 36, YA = 18; XB = 20, YB = 38 O XA = 24, YA = 48; XB = 32, YB = 8Suppose in an economy with two inputs (capital K, and labor L) and two firms (firm 1 and 2), the MRTSK for L = 2 and the MRTSK for L = 1. (Capital is or the vertical axis). What is an example of how an exchange of capital and labour between the two production sectors can increase the output of both sectors? Firm 1 could give up 1.5 units of capital to firm 2 in exchange for one unit of labour and both would be able to produce more. Firm 1 could give up 1/2 a unit of labour to firm 2 in exchange for one unit of capital and both would be able to produce more. It is not possible to increase production for both firms through an exchange of capital and labour. Firm 1 could give up 1/2 a unit of capital to firm 2 in exchange for one unit of labour and both would be able to produce more. Firm 1 could give up 1.5 units of labour to firm 2 in exchange for one unit of capital and both would be able to produce more