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Remember Bonnie and Clyde from your workbook? Suppose that their total profits are 40H, where H is the number of hours they work per year.Their utility functions are, respectively,
UB(CB, H ) = CB - 0.02H 2 and UC(CC, H ) = CC - 0.03H 2, where CB and CC are their private goods consumptions and H is the number of hours they work per year.If they find a Pareto optimal choice of hours of work and income distribution, the number of hours they work per year must be
Nation's Wealth
The total value of all financial assets and produced assets owned by a country, including natural resources, buildings, and machinery.
Percentage Share
A fraction or portion of a whole, typically denoted as a percentage, representing part of a total quantity or sum.
Quintiles
Statistical values that divide a set of data into five equal parts, so that each part represents 1/5th of the sampled population.
Percentage Shares
Represent the portions or fractions, expressed as a percentage, of a whole divided among entities or allocated for specific purposes.
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