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Hello, I need some help understanding these questions: , = 4' Y2 = 16 Allocation II: = 16, Yl = 4 5. What is the

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Hello, I need some help understanding these questions:

image text in transcribedimage text in transcribed

, = 4' Y2 = 16 Allocation II: = 16, Yl = 4 5. What is the value of MRSI? 6. What is the value of MRS2? 7. Is // Pareto efficient (PE) or Pareto inefficient (PI)? In your work, show the equality or inequality that proves your claim. 8. What is the value of person 1 's utility? 9. What is the value of person 2's utility? 10. What would person I 's utility equal, if I had 2's allocation? I I. What would person 2's utility equal, if 2 had 1 's allocation? 12. Is II envy-free (EF) or not envy-free (NE)? Explain in your work.

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