Please answer question 3 ONLY Question [1]: For each of the following pure exchange...
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Please answer question 3 ONLY
Question [1]: For each of the following pure exchange economies with 2 goods and 2 consumers, draw a well labelled representation of the Edgeworth Box and clearly indicate and/or describe the Pareto Set, i.e. the set of Pareto optimal allocations. Indicate the set of allocations that are only weakly Pareto optimal if there are such allocations. = 2 2 1. u^(x, y) = x + Vy; u(x, y) = 8x + y; Total endowment (10, 20) ; 2. u4(x, y) = min{x,y}; uB(x, y) = x + 2/7; Total endowment (10, 15) 3. 44(x,y) = min{x,y}; UB(x, y) = max(x, y}; Total endowment (20, 10) 2 > 2 2 = = > 2
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