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Let x be the set of economic allocation 4. (20pts) Let X be the set of economic allocations and x,x',..., be the member of the

Let x be the set of economic allocation

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4. (20pts) Let X be the set of economic allocations and x,x',..., be the member of the set. 1) Define an allocation x is Pareto efficient using mathematical notation that you learned in the class. 2) Define an allocation x is weakly Pareto efficient using mathematical notation that you learned in the class. 3) Consider three agents {1,2,3} and the following three allocations x, x', and x" for three agents. x (3,4,5) (which means that agent 1 gets the utility 3, agent 2 gets the utility 4, and agent 3 gets the utility 5) x' (5,4,3) X" (3,3,3) What is set of Pareto efficient allocations? And weakly Pareto efficient set

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