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help please explain ii) Via explanation, find and draw Pareto set on an Edgeworth box. (6 marks) iii) Under competitive market system, find the demand

help please explain

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ii) Via explanation, find and draw Pareto set on an Edgeworth box. (6 marks) iii) Under competitive market system, find the demand functions for the two goods of both Socrates and Plato. (4 marks) iv) If the prices of books and food are equal, explain what will happen in a competitive market system. (3 marks) An economy consists of two individuals, Socrates and Plato, and two goods, books and food. Socrates's utility function is us (bs, fs) = In bs + In fs Plato's utility function is up (bp, fp) = 21n bp + In fp where bs and fs are Socrates's consumption of books and food and bp and fp are Plato's consumption of books and food respectively. Socrates's initially endowment is 8 books and 8 units of food. Plato's initially endowment is 6 books and 12 units of food. Is the endowment allocation 'envy free' and why? (2 marks)

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