EXERCISE 4 Consider an exchange economy with two consumers and two goods. The consumption sets of the consumers are 1R1. Each consumer has the same utility function u(a:1,:1:2) = min{a*1, :32}. Provide a complete characterization of all the allocations which are in the core of this economy. (Recall that an allocation is in the core if it is i ) Pareto optimal and ii) Individually rational {weakly preferred to the endowment) )