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Consider an exchange economy with two goods (x and y) and two agents (a and b). Agent a has preferences represented by ua(xa, ya) = xaya and endowment (ω a x , ωa y ) = (2, 3). Agent b has preferences represented by ub(xb, yb) = min{2xb, yb} and endowment (ω b x , ωb y ) = (6, 1).
(a) Compute and draw the contract curve, the core, and all Walrasian equilibria.
(b) Repeat part (a), but where agent a has preferences represented by max{2xa, ya}.
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