6. *The economycorisists of Will and Grace. They have identical utility functions U = 1000005 where the marginal utility of income Page 120 function is MU = 50(yif'5. The total income available in the economy is xed and equal to $20,000. 3. Use an Excel spreadsheet to graph the utilities possibility curve for the economy. b. What is the welfare maximizing distribution of income if the social welfare function is W = UW + UG? What do the social indifference curves look like in this case";I c. What is the welfare maximizing distribution of income if the social welfare function is W = min[Uw, Us]. What do the social indifference curves look like in this case'.' )0'3 Where :1. Suppose that Will and Grace do not have identical utility functions. Instead. assume that Will's utility function is UW = 200(yw marginal utility is given by MUW = 100(yw}_0-5. Grace's utility is as above. Draw the new utility possibilities curve. What distribution of income maximizes social welfare when the social welfare function is W = U\" + U0? Does the answer change ifthe social welfare function is given as W = min[UW. UG]