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Norman and Gina consume food and clothing. In particular, Norman currently consumes 5 units of food and 5 units of clothing and Gina currently consumes
Norman and Gina consume food and clothing. In particular, Norman currently consumes 5 units of food and 5 units of clothing and Gina currently consumes 5 units of food and 5 units of clothing. At these levels of consumption, Norman's MRS of food for clothing is 0.50 and Gina's MRS of food for clothing is 2.00. Illustrate with an Edgeworth box. Norman 5 "ON 1.) Using the three-point curved line drawing tool, draw an indifference curve for Norman when consuming 5 units of food and 5 units of clothing. Label this curve UN 2.) Using the three-point curved line drawing tool, draw an indifference curve for Gina when consuming 5 units of food and 5 units of clothing. Label this curve UG. Clothing Carefully follow the instructions above, and only draw the required objects. Next, fill in the missing information in the following table. UN For simplicity, assume the consumers have the option of trading one unit of food (F) for one unit of clothing (C). Fill in the following table. (Enter your responses using integers.) 5 OG Gina Individual Food Initial Allocation 5F, 5C Trade for clothing Norman Final Allocation 4 F. 6C 6F. 40 Gina 5F, 5C food After this trade, Norman's MRS will Vand Gina's MRS will decrease Editing: 3-point curved line tool Delete Clear ? increase An object is selected. Delete it, or ws or by dragging. 4 Norman and Gina consume food and clothing. In particular, Norman currently consumes 5 units of food and 5 units of clothing and Gina currently consumes 5 units of food and 5 units of clothing. At these levels of consumption, Norman's MRS of food for clothing is 0.50 and Gina's MRS of food for clothing is 2.00. Illustrate with an Edgeworth box. Norman 5 "ON 1.) Using the three-point curved line drawing tool, draw an indifference curve for Norman when consuming 5 units of food and 5 units of clothing. Label this curve UN 2.) Using the three-point curved line drawing tool, draw an indifference curve for Gina when consuming 5 units of food and 5 units of clothing. Label this curve UG. Clothing Carefully follow the instructions above, and only draw the required objects. Next, fill in the missing information in the following table. UN For simplicity, assume the consumers have the option of trading one unit of food (F) for one unit of clothing (C). Fill in the following table. (Enter your responses using integers.) 5 OG Gina Individual Food Initial Allocation 5F, 5C Trade for clothing Norman Final Allocation 4 F. 6C 6F. 40 Gina 5F, 5C food After this trade, Norman's MRS will Vand Gina's MRS will decrease Editing: 3-point curved line tool Delete Clear ? increase An object is selected. Delete it, or ws or by dragging. 4
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