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Problem 1. Anders (A) and Berlin (B) are lost on a paci?c island. Each of them owns 30 packs of co?ee and 30 packs of tea. Use an Edgeworth box to illustrate A's and B's endowments.
Problem 2. Assume that A and B have identical preferences that have the usual convex shape (utility for instance is given by u = √c∗t, where c is the units of co?ee and t the units of tea.) Draw the indi?erence curves that represent the situation. Will there be trade in this case?
Problem 3. Suppose endowments changes. A has 40 packs of co?ee and 20 packs of tea while B has 20 packs of co?ee and 40 packs of tea. Will there be trade? Show the region in which gains from trade are possible?
Problem 4. Endowments are again symmetric (30 units of each good for A and B). A's preferences are as before but B quits ca?eine. Therefore B has no utility from co?ee. Draw the new utility function of B in a Edgeworth box. Show the region with gains from trade in this case
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