Business, 08.03.2021 19:50 CrownedQueen

Consider an exchange economy with two people, A and B, and two commodities, food (x) and water (y). The aggregate endowment consists of 10 units of x and 5 units of y. Suppose A gets full after consuming 3 units of x and 2 units of y whereas for B more is always better. (a) Depict an appropriate indifference map for A.
(b) Graphically identify the Pareto efficient allocations in the Edgeworth box.

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Consider an exchange economy with two people, A and B, and two commodities, food (x) and water (y)....

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