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ECC1000 - Principles of microeconomics - S1 2025
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Suppose, in Game 1, Jack places two $5 bills into two envelopes (one in each). But just before he gives the envelope to each recipient, he is told that actually each dollar given to one of the recipients (call this recipient Person A) will become $2 and each dollar given to the other recipient (call this recipient Person B) remains the same (i.e. will not be doubled).
Do you agree with the following statement?
“It would be Pareto improvement if Jack gives both envelopes (i.e. $10 in total) to Person A and leave nothing to Person B.“
Explanation:
The original statement in this question was: "It would be Pareto efficient if Jack gives both envelopes (i.e. $10 in total) to Person A and leave nothing to Person B."This statement is not incorrect, but it is also awkwardly stated and lacks of clarification (Kudos to those who have chosen Choice A for the correct reason).
So we changed it to the current statement:“It would be Pareto improvement if Jack gives both envelopes (i.e. $10 in total) to Person A and leave nothing to Person B.“This statement is much clearer, and the correct answer will be Choice B.
Given that we revised the question after some students have attempted this question, we give both answers 100%.
Do you agree with the following statement and why?
“Each recipient receives less in Game 2 than Game 1 because they have less power in Game 2 when there are more recipients.”
Suppose, in Game 1, Jack places two $5 bills into two envelopes (one in each). But just before he gives the envelope to each recipient, he is told that actually each dollar given to one of the recipients (call this recipient Person A) will become $2 and each dollar given to the other recipient (call this recipient Person B) remains the same (i.e. will not be doubled).
Do you agree with the following statement?
“It would be Pareto improvement if Jack gives both envelopes (i.e. $10 in total) to Person A and leave nothing to Person B“
"Bruno has one Product A and two Products B and Angela has Product A."
Please write down if it is “Pareto efficient” or “Not Pareto efficient”
"Bruno has one Product B and Angela has one Products B and two Products A."
Please write down if it is “Pareto efficient” or “Not Pareto efficient”
"Bruno has two Products A and Angela has two Products B."
Write down if it is “Pareto efficient” or “Not Pareto efficient.”
Suppose, in Game 1, Jack places two $5 bills into two envelopes (one in each). But just before he gives the envelope to each recipient, he is told that actually each dollar given to one of the recipients (call this recipient Person A) will become $2 and each dollargiven to the other recipient (call this recipient Person B) remains the same (i.e. will not be doubled).
Do you agree with the following statement?
“It would be Pareto efficient if Jack gives both envelopes(i.e. $10 in total) to Person A and leave nothing to Person B“
Jack is asked to decide how to divide three apples and three oranges among three persons. Read the following statements regarding Pareto efficient allocations and select the correct one.
Do you agree with the following statement and why?
“Each recipient receives less in Game 2 than Game 1 because they have less power in Game 2 when there are more recipients”.