Question
The modern form of this construct was developed by Vilfredo Pareto and popularized by Sir Arthur Bowley. For 10 points each:
[10h] Name this construct that shows all the possible allocations of goods between two consumers in a market by combining “indifference curves.”
ANSWER: Edgeworth box [or Edgeworth-Bowley box; prompt on box]
[10m] By determining which points on an Edgeworth box are Pareto optimal, one can derive this curve which shows the combination of two goods that can be manufactured with limited resources. Points on this curve are said to be allocated efficiently.
ANSWER: production possibility frontier [or PPF; or production possibility curves or PPC; or transformation curves]
[10e] Production possibility curves are usually concave down because this cost is usually increasing. This cost is the potential benefit derived from other options not taken.
ANSWER: opportunity cost
<AG, Social Science>
Summary
| 2023 ILLIAC (Cornell) | 2023-10-21 | Y | 4 | 15.00 | 75% | 50% | 25% |
| 2023 ILLIAC (Mainsite) | 2023-10-21 | Y | 8 | 20.00 | 100% | 88% | 13% |
Data
| Chicago B | WUSTL | 0 | 10 | 10 | 20 |
| SIUE B | Chicago C | 0 | 0 | 10 | 10 |
| Ohio State C | Michigan B | 0 | 10 | 10 | 20 |
| Purdue A | Missouri | 0 | 10 | 10 | 20 |
| Ohio State A | Purdue B | 0 | 10 | 10 | 20 |
| Michigan A | Ohio State B | 10 | 10 | 10 | 30 |
| Purdue C | Chicago A | 0 | 10 | 10 | 20 |
| Chicago D | SIUE A | 0 | 10 | 10 | 20 |