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Question: Social welfare functions.Consider a pure exchange economy (no production) and an egalitarian social welfare function that says that everybody should get the same amount
Question: Social welfare functions.Consider a pure exchange economy (no production) and an egalitarian social welfare function that says that everybody should get the same amount of each product, which they then consume.This would be at the exact center of an Edgeworth Box.For the 2 types of consumer, 2 product case below, explain, based on our course material, why an economist would likely disagree with this, and how to improve this approach.Feel free to use the diagram, not required.
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