P CECN700/FinalExam. pdf + 110% QR 5. Consider an economy with two goods (apple and orange) and two agents, person I and person 2. Person 1 is initially endowed with wl = (.=) of apples and oranges respectively and person 2's endowment is w? = (.3. Person I's utility function is given by u(x]. y,) = Inx, + Iny, where x, is consumption of apple and y, is consumption of orange. Person 2's utility function is given by u(x2.yz) = zInx2 + Inyz where x2 is consumption ET of apple and y2 is consumption of orange. a) Plot an Edgeworth box and mark the initial endowments. b) Derive the contract curve (give formula) and depict it in the Edgeworth box. c) Find the competitive equilibrium (let price of apple equal to 1) and show it in the Edgeworth box. d) Verify that the allocation in the competitive equilibrium is economically efficient (Pareto efficient). + 2 4:51 20208/10