Billy and Ray have 16 ounces of brisket (good 3) and 12 ounces of ribs (good y) to share between the two of them. Billy's preferences are described by the utility function UE(:tB, yE) : 213 + 113 Ray's preferences are described by the utility function UR ($12,311:) = 2 1.11213 + lnyR If the initial allocation of the goods is (3:3, 3,3) = (8, 6) = (xx, yR) - that is. both goods are split evenly -- what can be said about whether and how Billy and Ray will trade between themselves? They wi || trade because the initial allocation is not Pareto-efcient. with Bi Ily trading away brisket to get ribs (and therefore Ray trading away ribs to get brisket). They will not trade because the initial alloation is Pareto-efcient. They will trade because the initial allocation is not Pareto-efcient, with Billy trading away ribs to get brisket (and therefore Ray trading away brisket to get ribs). They wi || trade because the initial allocation is not Pareto-efcient. but one cannot say which agent will trade away which good