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5.1 In an Edgeworth box economy, do the following: (a) Sketch a situation where preferences are neither convex nor strictly monotonic and there is no

5.1 In an Edgeworth box economy, do the following:

(a) Sketch a situation where preferences are neither convex nor strictly monotonic and there is no

Walrasian equilibrium.

(b) Sketch a situation where preferences are neither convex nor strictly monotonic yet a Walrasian

equilibrium exists nonetheless.

(c) Repeat parts (a) and (b), but this time assume preferences are not continuous.

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