Draw an edgeworth box and identify and label

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Reference no: EM13800347

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)

(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)

Reference no: EM13800347

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