Draw a diagram of an Edgeworth box for a two-consumer exchange economy, where both consumers have strictly convex preferences. Choose an initial endowment point. a. b. C. Represent a competitive equilibrium in the Edgeworth box, explaining the diagram. Explain with the aid of your diagram why the competitive equilibrium is Pareto efficient. (40%) Why does an exchange economy in which consumers have strictly convex preference over bundles of two goods have a competitive equilibrium? Explain with the aid of your diagram. (40%) Is endowment allocation the only feasible way to allocate goods in two markets? Briefly discuss. (20%)