1) In our exchange simulation where I allocated fictional quantities of wheat and apples and then allowed students to trade these goods, we arrived at an equilibrium price ratio of 2 wheat for 1 apple. a. Explain why, at this equilibrium price ratio, every student would have the same marginal rate of substitution of wheat for apples (assuming that you could trade fractional units, e.g., two-fifths of an apple). b. Explain why this result implies that a market that has no market failures will arrive at the Pareto efficient allocation of goods. c. Explain why efficiency does not imply equity