2. (15 pts.) The Edgeworth Box: An economy consists of two people with utility functions: u₁ = min(x, y) and u₂ = min(x,

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2 15 Pts The Edgeworth Box An Economy Consists Of Two People With Utility Functions U Min X Y And U Min X 1 (17.43 KiB) Viewed 13 times

2. (15 pts.) The Edgeworth Box: An economy consists of two people with utility functions: u₁ = min(x, y) and u₂ = min(x, y). Their initial endowments are (ri, y) = (6,6) and (2, 2) = (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?