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Need the graph with the right label and (b) as well 3. (14 Total Points) Suppose there are two consumers, A and B. The utility
Need the graph with the right label and (b) as well
3. (14 Total Points) Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y)=X+2YUB(X,Y)=3X+Y The initial endowments are: A: X=0;Y=6 B:X=8;Y=2 a) (10 points) Using an Edgeworth Box, graph the initial allocation (label it "W") and draw the indifference curve for each consumer that runs through the initial allocation. Be sure to label your graph carefully and accurately. b) (4 points) Identify the core on your graph. You may use bold or squiggly lines to do this. Make sure it is clear what parts of the Edgeworth Box you are identifying as the core. 3. (14 Total Points) Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y)=X+2YUB(X,Y)=3X+Y The initial endowments are: A: X=0;Y=6 B:X=8;Y=2 a) (10 points) Using an Edgeworth Box, graph the initial allocation (label it "W") and draw the indifference curve for each consumer that runs through the initial allocation. Be sure to label your graph carefully and accurately. b) (4 points) Identify the core on your graph. You may use bold or squiggly lines to do this. Make sure it is clear what parts of the Edgeworth Box you are identifying as the coreStep by Step Solution
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