Problem
Define and draw the utility possibility frontier. In your picture explain what is meant by pareto efficient. Social welfare functions can be used to pick out a point on the utility possibility frontier. Show that there are trade-offs between fairness and efficiency and demonstrate that some efficient points need not be as good, given the social welfare function, as some inefficient points.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.