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Suppose that Morris has the utility function U(B,W)=4b+12w and Philip has the utility function U(b,w)=bw. Draw an Edge worth box with books on the horizontal
Suppose that Morris has the utility function U(B,W)=4b+12w and Philip has the utility function U(b,w)=bw. Draw an Edge worth box with books on the horizontal axis and wine on the vertical axis and if we measure Morris's consumption from the lower left corner of the box. Draw a contract C
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