Problem
1. What is an economically efficient allocation? How does an economically efficient allocation differ from an inefficient allocation?
2. What is exchange efficiency? In an Edgeworth box diagram, how do efficient allocations and inefficient allocations differ?
3. How does exchange efficiency differ from input efficiency? Could an economy satisfy the conditions for exchange efficiency but not the conditions for input efficiency?
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.