Pareto Improvement
explain the following concepts, illustrating your answe with diagrams where appropriate:
an actual Pareto Improvement
a potential pareto improvement
the Kaldor hicks criterion
which of these concepts can be used to formuate a practical choice criterion in benefit cost analysis which may it be difficult to use one or more of the others in this way.
using a hypothetical example exlain the following concepts
net present value
benefit cost ratio
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