Assume utility is described for two individuals as: U=X 3 Y, MU X =3X 2 Y, MU Y =X 3 B: U= XY ,MU X =Y, MU Y =X Each person currently has 10 units…

Published by admin at October 19, 2023

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1. Assume utility is described for two individuals as: A: U=X3Y, MUX=3X2Y, MUY=X3

B: U= XY ,MUX=Y, MUY=X

Each person currently has 10 units of both goods. Draw an Edgeworth Box showing the current endowment and each person’s indifference curve through that endowment. Be sure to highlight an area that represents all potential Pareto improvements if the initial endowment is not Pareto efficient.

Assume utility is described for two individuals as: U=X 3 Y, MU X =3X 2 Y, MU Y =X 3 B: U= XY ,MU X =Y, MU Y =X Each person currently has 10 units…

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