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The following economy has two people: Henry (H) and Charlotte (C) and they have following preferences for the goods, Pepsi (P) and Fries (F), UC = min(FC, 2PC); UH = FH + PH where FC + FH = 20 and PC + PH = 20
1a) Draw the Edgeworth Box Diagram for this situation. Put Charlotte in the Southwest corner and Henry in the Northeast corner. Put Pepsi on the vertical axis and Fries on the horizontal axis.
1b) Draw in two indifference curves for each consumer (make sure to show the indi?erence curves that are tangent to be able to draw the Contract Curve).
1c) Draw in the contract curve.
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