Consider an economy with only one good, food. There are three people i

Question

Consider an economy with only one good, food. There are three people in the economy, A, B and C. A has 400 units of food, B has 100 units, and C has only 16 units. All have the same utility, Ui =√f for i = A, B, C and where f stands for food. The social welfare function for this society is the sum of the utilities of the three individuals.

28 Aug 2022

Answer :

Word Count : 447

In this economy, there is only one good which is food. The society consists of three individuals, A, B and C, who have different initial endowments of food. The social welfare function for this society is the sum of the utilities of the three individuals. The utility function for each individual is the square root of the amount of food they have.

We need to find the distribution of food that maximizes social welfare. In other words, we need to find the distribution of food that maximizes the sum of the utilities of A, B and C.

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