U₁ = min(x, y) and u₂ = 2. (15 pts.) The Edgeworth Box: An economy consists of two people with utility functions: min(x,

[answerhappygod]

U Min X Y And U 2 15 Pts The Edgeworth Box An Economy Consists Of Two People With Utility Functions Min X 1 (87.66 KiB) Viewed 13 times

U₁ = min(x, y) and u₂ = 2. (15 pts.) The Edgeworth Box: An economy consists of two people with utility functions: min(x, y). Their initial endowments are (x, y) = (6,6) and (x, y) = (10, 10). Draw the Edgeworth box for this economy, labeling the axes for each person, the initial endowment, and each person's indifference curve at this initial endowment. Is this economy in equilibrium?