Hello, I’m having difficulty in answering question number 5. My professor said that part B has 11 possible mixing combinations. He also said that no math is required, only have to set up steps to solv

Hello, I’m having difficulty in answering question number 5. My professor said that part B has 11 possible mixing combinations. He also said that no math is required, only have to set up steps to solv

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Intermediate Microeconomic Theory Econ 3101 Fall 2015 Problem Set 4 Department of Economics University of Minnesota November 10, 2015 This problem…

Hello, I’m having difficulty in answering question number 5. My professor said that part B has 11 possible mixing combinations. He also said that no math is required, only have to set up steps to solve for each case.

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Intermediate Microeconomic Theory
Econ 3101
Fall 2015
Problem Set 4
Department of Economics
University of Minnesota
November 10, 2015
This problem set is due on
Tuesday, November 24 (extended deadline)
at the beginning of class.
The maximum score is 110 points (Yes, 110 points, there are 10 bonus points in this homework!!) . Be sure
to review the Syllabus for details about homework assignments and their grading. Feel free to contact me
or your TA via e-mail if you have speci±c questions about the assignment. Note that some Exercises have
several parts, and each part may conceal more than one task for you. Be sure to answer every question
thoroughly for full credit!
Present all ±nal answers neatly on these provided pages. Show any relevant calculations neatly. Please
do your scratchwork somewhere else. Please remember to attribute help received and collaboration.
Name:
_____________________________________
Section Number:
_____________________
Names of classmates you worked with:
1

View the Answer

1. For each of the following economies (preferences and endowments)
neatly
draw an edgeworth box and
identify and label (20 points in total):

The
contract curve
(the set of Pareto optimal allocations)

The set of
individually rational allocations
at the given endowment (allocations that are at least
as good as the endowment for both agents)
1.
U
1
(
x,y
)=
min
[
x,y
]
,
U
2
(
x,y
)=
x
+
y
and
e
1
=(1
,
2)
,
e
2
=(4
,
2)
2.
U
1
(
x,y
)=
min
[
x,y
]
,
U
2
(
x,y
)=
min
[
x,y
]
.
e
1
=(4
,
2)
,
e
2
=(4
,
2)
3.
U
1
(
x,y
)=
x
+
y
,
U
2
(
x,y
)=
x
+
y
and
e
1
=(2
,
2)
,
e
2
=(2
,
2)
4.
U
1
(
x,y
)=2
x
+
y
,
U
2
(
x,y
)=
x
+2
y
and
e
1
=(2
,
2)
,
e
2
=(2
,
2)
5.
U
1
(
x,y
)=2
x
+
y
,
U
2
(
x,y
)=
x
+2
y
and
e
1
=(0
,
4)
,
e
2
=(4
,
0)
2

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