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Explain what a Utility Possibilities Frontier (UPF) is. Suppose there are two representative people in the world: Gi-hun and The Host. Draw a UPF with
Explain what a Utility Possibilities Frontier (UPF) is. Suppose there are two representative people in the world: Gi-hun and The Host. Draw a UPF with Gi-hun's utility (x axis) and The Host-s utility (y axis) with the correct shape. [ You probabb' want to draw it nice and big.) Using the concept of marginal utility. explain why you drew the UPF the way you did. The initial allocation of resources [and thus utility) is point K. with most of the resources going to The Host and very little going to Gihun. Mark this point on the diagram. Suppose the only way to transfer resources from The Host to Gihun is through a series of deadly, traumatizing versions of childrenls games (which, in addition to being horribly immoral. is an inefficient way to transfer resources). On the same diagram. draw the resulting Feasibility Curve. Explain what a Utilitarian social indifference curve is. Draw the utilitarian social indifference curve that combines with the Feasibility Curve to maximize social welfare. Explain what a Rawlsian social indifference curve is. On a separate diagram (the main one is too busy), re-draw the feasibility curve and then draw a Rawlsian social indifference curve. that maximizes social wellbeing. Why is the social-welfare-maximizing allocation different from before"
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