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Professor Klepper Asks His Students the Size of the Cohort

question 88

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Professor Klepper asks his students the size of the cohort that they would want their children to be born into, in order to have the best opportunities in education and employment. For increased opportunities, students should desire (an) __________cohoror their children.

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Definitions:

Initial Allocation

The initial distribution of goods, resources, or entitlements among individuals or groups before any trade or market exchange occurs.

Contract Curve

In economics, it is a curve that shows the set of mutually beneficial (efficient) allocations in a trade or exchange situation.

Edgeworth Box

A diagram used in microeconomics to show the distribution of resources and the optimal allocation between two individuals.

Pareto Optimal Allocations

Economic situations where no individual can be made better off without making another individual worse off.

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