Dashb U Mood X Launc Smart 6 Inbox w Stussy BIA IN The re Resea U Passp G derog + yuoffice-my.sharepoint.com/personal/brzozows_yorku_ca/_layouts/15/onedrive.aspx?id=%2Fpersonal%2Fbrzozows_york... O Online... 4. a) For a two consumer economy with arbitrary "well behaved" utility functions, draw a properly labelled utility possibility frontier diagram and clearly indicate allocations preferred by the utilitarian and the maximin social welfare functions. (3 marks) b) Suppose there are two people in the economy and the Utility Possibility Frontier is u = 2 x+7 given by: where u, is the utility of person i for i =1 or 2 and where X and V are positive fixed amounts of goods x and y in the economy. (1) What outcome in terms of utility levels is preferred by a utilitarian social welfare function (SWF)? (4 marks) (ii) What outcome in terms of utility levels is preferred by a maximin SWF