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The first set of numbers represents an initial income distribution in a 5-person (or 5-class) society. Which of the subsequent income distributions represents a Pareto
The first set of numbers represents an initial income distribution in a 5-person (or 5-class) society. Which of the subsequent income distributions represents a Pareto Optimal change on the initial one, and why (in one sentence)? And describe the flaw in the Pareto logic (in one sentence). Initial distribution: 1,000; 4,000; 7,000; 12,000; 200,000 1. 4,000; 10,000; 28,000; 40,000; 198,000 2. 14,000; 18,000; 60,000; 100,000; 196,000 3. 2,000, 8,000; 14,000; 24,000; 262,000 4. 40,000; 60,000; 80,000; 150,000; 160,000
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