• Internal Code :
  • Subject Code : ECON111
  • University : Macquarie University
  • Subject Name : Microeconomics

Questions

Answer 4

Farmers were better off if they sacrifice several hours of the work instead of the better payment and at the same time to attain a more crop (Albert, 2017).  For the farmers the parent optimality is the number of hours invested in, would help them to attain the number of crops. Similarly for the landowners, the Pareto optimality is to make the laborers work per number of hours instead of the more shared quota. It can be more the land given in or the more quota shared over the percentage on the earning of the crops in comparison to the more quota shared and the number of hours allowed for the workers to work in. It is also based on the  Pareto optimality which describes, how the resources need to be shared and allocated, in lieu and comparison of another. It would help to determine, how one can sacrifice the good used and it would make the conditions better off for one state in comparison to the another. The other is of the parent efficiency, which determines how one can one party be better off in comparison to the another to be worse off.

In the given analysis, we interpret from the operations Barga it would indicate, how it would establish a positive framework, which would help to relate with the best use of the laborers who can sacrifice their free hours and earn the 75% of the total earnings of the share crops (Albert, 2017). it would hold equally true for the landowners that can allow the maximum workers to work on their land and allow them to reap benefits by investing their time in the fields.

Answer 5

The definition of the Pareto optimality is interpreted, how best one can use their limited resources to the best of ability and invest within the given community, that can deliver maximum outcomes and productivity. At every point of time, it would help to understand how the resources can be optimally utilize to the best interest level and what can happen, if it is underutilized or overutilized. Pareto optimality main aims are to understand the points at which it can identify how better off an individual can be in comparison to the worse off condition. At every point of time, there should be a balance of factors which can relate with the best possible manner in which the resources are allocated and at the same time it would have to deliver a better outcome (Antle, 2015).

Here,  Mamta can work for the 24 hours and can produce the maximum of the 4 tonnes of rice,

Maximum =     24 hours = results in the 6 hrs per the 1 tonne of rice.

----------

4 tonnes of rice

While being part of the field, Mamta can produce 3 tonnes within the given 8 hours it gives us

A= 8 hours

--------       = 2.6 hours per 1 ton.

3 tonnes

Answer 6 

Source (Albert, 2017)

As shown how the Mamta would have the choice to either use her time in the leisure activity or simply use it for rice production, to come out of the crises situation.

In here the situation would be the low resources such s the lack of land and ability to work, but as the landowners are sharing the land, it would help the poor farmers to work maximum and attain the 75% of the total earning. As seen, the maximum deriving point would be where the Mamta came to reduce the maximum the output where the Mamta has invested the maxum=imum hours and can produce the maximum, that would be her threshold point (Dahl, 2017).

As shown that the Mmata would be on her indifference curve and it would be derived with the feasible curve showing per hour invested instead of the hours of production.

Answer 7 

As noticed, the point of the C is the threshold where the MRS would be perpendicular to MRT.

Source (Dahl, 2017)

The number of hours invested by forgoing the free time or leisure time, then the number of hours of labor can help to produce the maximum (Pigou, 2017). With every hour invested in producing the crops, it would help to produce the maximum hours of the rice crops production. It would help to relate to the number of hours invested that can produce the maximum number of crops. The threshold would be at where the Mamta would forgo the production and would like to invest in terms of the maximum number of hours and evade from the scarcity condition. It would be an added incentive to invest more hours to work and in lieu earn as much.

Answer 8

The economy of fairness is defined as the richer should not be richer, while the poorer should not be poor and their demand should be met equally. It would be crucial to understand that the workers can give their labor, while the landowners can give their land or the capital. With the help of the labor or the use of capital, the maximum production is possible. The economy of fairness would help to understand how taxation on the rich, would help to balance the fair (Munda, 2016). Here, the quota is imposed on the farmer's earnings at 25% and the government has also introduced the taxes, to take away some funds and use it in abetter form of the economy. This is also used to fund poor people.

References

Albert, M., & Hahnel, R. (2017). Quiet revolution in welfare economics (Vol. 5008). Princeton University Press.

Antle, J. M. (2015). Pesticide policy, production risk, and producer welfare: an econometric approach to applied welfare economics. Routledge.

Dahl, R. A. (2017). Politics, economics, and welfare. Routledge.

Kneese, A. V., Ayres, R. U., & D'Angelo, R. C. (2015). Economics and the environment: a materials balance approach. Routledge.

Pigou, A. (2017). The economics of welfare. Routledge.

Turvey, R. (2017). Optimal Pricing and Investment in Electricity Supply: An Essay in Applied Welfare Economics. Routledge.

Munda, G. (2016). Beyond welfare economics: some methodological issues. Journal of Economic Methodology, 23(2), 185-202.

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