Essays: Choose 3 of the 5 & limit your submission to 4 pages total. DO NOT copy the graphs in 3 and 4. Rather, answer those questions using the points that have labels.If you reference the text, you must cite the relevant page number, figures or math notes in your text where appropriate.Number answers consistently with the questions.

1. Fisher's dilemma: Bekeh is a fisher whose utility function is given by:

, where is the amount of fish Bekeh catches, andis the time Bekeh spends fishing.

Provide reasoning and state whether the following statement is true or false:

Bekeh's indifference curves are sloping downwards and convex to the origin

[Hint: Provide a rough sketch of the indifference curve with appropriate axes to go with your reasoning.]

1. Exchange between two Homo Economicus:The Edgeworth box below shows two Homo Economicus Sam and Tara, with initial endowment at point e.

What post exchange allocation would an Impartial Spectator propose and how would they determine this allocation?

3. Exchange with a First-Mover: The Edgeworth box below represents two Homo Economicus Sam and Tara, with initial endowment at point e.

Suppose Tara is the first mover, state what allocation she would propose if she had take-it-or-leave-it (TIOLI) power and why would she propose such an offer.