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Please answer all. 1) Imagine 2 buyers trying to buy a one-of-a-kind painting from a seller. The first buyer has a willingness to pay for

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1) Imagine 2 buyers trying to buy a one-of-a-kind painting from a seller. The first buyer has a willingness to pay for the painting of $1,000. The second buyer has a willingness to pay for the painting of $900. Suppose the seller, who has a willingness to sell of $500 decides to sell the painting to the second buyer for $800. Is this exchange a Pareto improvement? Is this exchange Pareto efficient

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