Reference no: EM13722635
For each of the following economies (preferences and endowments) neatly draw an edgeworth box and identify and label:
- The contract curve (the set of Pareto optimal allocations)
- The set of individually rational allocations at the given endowment (allocations that are at least as good as the endowment for both agents)
(a) U1(x, y) = min[x, y], U2(x, y) = x + y and e1 = (1, 2), e2 = (4, 2)
(b) U1(x, y) = min[x, y], U2(x, y) = min[x, y]. e1 = (4, 2), e2 = (4, 2)
(c) U1(x, y) = x + y, U2(x, y) = x + y and e1 = (2, 2), e2 = (2, 2)
(d) U1(x, y) = 2x + y, U2(x, y) = x + 2y and e1 = (2, 2), e2 = (2, 2)
(e) U1(x, y) = 2x + y, U2(x, y) = x + 2y and e1 = (0, 4), e2 = (4, 0)
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