1. Assume utility is described for two individuals as: = U = XY....

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1. Assume utility is described for two individuals as: = U = XY. = X Each person currently has 10 units of both goods. Draw an Edgeworth Box showing the current endowment and each person's indifference curve through that endowment. Be sure to highlight an area that represents all potential Pareto improvements if the initial endowment is not Pareto efficient. 2. Assume utility is described for two individuals as: L-X+3Y U,=2X+Y Society has 10 units of X and 20 units of Y. Person A currently has five units of both goods. Draw an Edgeworth Box showing the current endowment and each person's indifference curve through that endowment. Be sure to highlight an area that represents all potential Pareto improvements if the initial endowment is not Pareto efficient. 3. Assume utility is described for two individuals as: Us = =min[X,Y] U = min[2X,Y] = Each person has five units of X and 10 units of Y. Draw an Edgeworth Box showing the current endowment and each person's indifference curve through that endowment. Be sure to highlight an area that represents all potential Pareto improvements if the initial endowment is not Pareto efficient.

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