Throughout this problem set, we will look at exchange economies with two goods and two agents. Let X : 1R2 , lot if denote agent 11's utility, and let of E X denote agent 11's endowment. 1. Suppose Mb?) 2 min{r1r',, .115} and wi : (4, 8) for both agents 1. a Ar 1.10 that everv Pareto o timal allocation :1: has Ii 2 mi for both a 'ents g . P 2 1 g 1.. (b) Argue that every allocation :1: with 1:22 2 :1:'1 for both agents 1.? is Pareto optimal. (c) Draw an Edgeworth box, with a picture depicting every Paretooptimal allocation. In this picture, also draw the endowment allocation, and draw each agent's indifference curve through the endowment. (d) Argue that, in any competitive equilibrium, the price of good 2 must be zero. (c) Find all competitive equilibria