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Question 1: Carefully explain the following concepts, illustrating your answer with diagrams where appropriate : (i) an actual Pareto improvement; (ii) a potential Pareto improvement;

  • Question 1:
  • Carefully explain the following concepts, illustrating your answer with diagrams where appropriate :
  • (i) an actual Pareto improvement;
  • (ii) a potential Pareto improvement;
  • (iii) the Kaldor-Hicks criterion

(iv) the Scitovsky criterion.

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