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Hello, Can someone please help me with these multiple choice economics questions? Question 17 Two farmers Anil and Bala are each deciding how to deal
Hello,
Can someone please help me with these multiple choice economics questions?
Question 17 Two farmers Anil and Bala are each deciding how to deal with pest insects that destroy the crops they cultivate in their adjacent fields. They have the choice of using either Integrated Pest Control (IPC) or Terminator (T). The payoffs for their choices in terms of tonnes of crop Not yet saved are shown in the diagram. Which of the following statements is correct? Marked out of 1.00 Flag question 3 Bala's payoff T. T. T. I 1, 1 = Both use Integrated Pest Control (IPC) 1 T. T = Both use Terminator T, I = Anil uses Terminator, Bala uses IPC 5 1, T = Anil uses IPC, Bala uses Terminator Anil's payoff Select one: O a. (1, I) Pareto-dominates (I, T) as it is fairer. O b. Pareto criterion tells us that (I, I) is the best outcome as it is Pareto-efficient. O c. If Anil and Bala move from (T, T) to (1, I), there is Pareto-improvement as both farmers are better off. O d. There is only one Pareto-efficient outcome. O e. (T, T) Pareto-dominates (1, 1).Question 18 Angela is a farmer who works on Bruno's land. The diagram illustrates Angela and Bruno's combined feasible frontier, Angela's biological survival constraint and Angela's reservation indifference curve. Which of the following statements about the decision made on Angela's Not yet saved free time and bushels of grain is correct? Marked out of Angela's biological 1.00 survival constraint Angela's reservation indifference curve P Flag question 12 Bushels of grain 4.5 Feasible frontier: Angela and Bruno 0 combined 13 16 24 Angela's hours of free time Technically feasible 4.5 Economically feasible (joint surplus) What Bruno gets 13 16 24 Angela's hours of free time Select one: O a. Voluntary exchange makes both Angela and Bruno better off in comparison to coercion. O b. If Angela can take or leave the allocation Bruno offers, Bruno gets 6 bushels of grain. O c. If Bruno can enforce any allocation he wants, he will choose to give Angela 16 hours of free time. O d. Angela's biological survival constraint illustrates that Angela needs more grain as she works more hours. O e. If Bruno can enforce any allocation he wants, he will choose one that maximises the total outputStep by Step Solution
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