Why is competitive equilibrium in the model pareto optimal, Macroeconomics

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Why is competitive equilibrium in the model pareto optimal

Problem

1. What is the economic significance of the slope of the production possibilities frontier?

2. Why is the competitive equilibrium in this model Pareto optimal?

3. Explain the difference between the first and second welfare theorems. Why is each useful?

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.

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Macroeconomics: Why is competitive equilibrium in the model pareto optimal

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