Question 1 What does it mean for an allocation of resources to be pareto efficie

Question 1
What does it mean for an allocation of resources to be pareto efficient? What does it mean for an allocation to
be a pareto improvement relative to the status quo? You can define this using plain English or mathematical
notation (i.e. conditions on comparisons between utility vectors U := {Ui
, ∀i ∈ I} under different allocations,
where I is the set of individuals in the population).
Question 2
What is the difference between cost-benefit analysis and cost effectiveness analysis?
Question 3
Assume that a market is in equilibrium with demand D and supply S. What areas represent consumer
surplus and producer surplus?
Now assume that a subsidy is provided to producers, decreasing marginal costs by σ and shifting supply to
S

. What areas represent the deadweight loss of the tax?

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