Consider an economy with two individuals, Josh and Emma. There are two goods, x and y, the quantities of both are 4 . (a) Suppose Josh and Emma have the same Cobb-Douglas preferences, described by the utility function u(x,y)=lnx+lny. Solve for the contract curve and illustrate your solution with a graph. (b) Suppose Josh and Emma have fixed initial endowments of x and y(0,4) for Josh and (4,0) for Emma, so the total endowment is (4,4). What is the price ratio in the competitive equilibrium? Consider an economy with two individuals, Josh and Emma. There are two goods, x and y, the quantities of both are 4 . (a) Suppose Josh and Emma have the same Cobb-Douglas preferences, described by the utility function u(x,y)=lnx+lny. Solve for the contract curve and illustrate your solution with a graph. (b) Suppose Josh and Emma have fixed initial endowments of x and y(0,4) for Josh and (4,0) for Emma, so the total endowment is (4,4). What is the price ratio in the competitive equilibrium