1.7 Suppose Fred has an income of $5,000 per year, and Harry has an income of $105,000...

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1.7 Suppose Fred has an income of $5,000 per year, and Harry has an income of $105,000 per year. If we tax $50,000 from Harry to give to Fred, will this represent a Pareto improvement for society? Why or why not? Would this improve society under some other criteria?

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