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\fThe figure above depicts an allocation in a one-person \"Robinson Crusoe\" economy. 1. What are the interpretations of the three curves A, B and C? 2. Explain briefly how the concept of \"competitive equilibrium\" can be applied to a one-person economy. What are the key assumptions for an allocation to be a competitive equilibrium? 3. If the situation depicted is not an equilibrium, what must happen for it to come into equilibrium? Does the price of yhave to adjust, and if so how? Does the price of labour have to adjust, and if so how? 4. Does the concept of Pareto Efficiency make any sense in a one-person economy? Relate your answer to the Planner's Problem and the First Welfare Theorem