Norman and Gina consume tood and clothing. In particular, Norman currently consumes 5 units of food and5 units of clothing and Gina currently consumes 5 units of food and 5 units of clothing. At these levels ofconsumption, 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.Noman1.) Using the three-point curved line drawing tool, draw an indifference curve for Norman when consuming5 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 5units of food and 5 units of clothing. Label this curve UG:UG5Carefully follow the instructions above, and only draw the required objects.Next, fill in the missing information in the following table.UNFor 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.)OGGinaIndividualInitialTradeFinalFoodAllocationforAllocationNorman5F, 5Cclothing4 F. 6CGina5F, 5Cfood6F, 4 CAfter this trade, Norman's MRS willand Gina's MRS willEditing:decreaseDelete Clear3-point curved line toolincreaseAn object is selected. Delete it, orNs or by dragging.Clothing

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Fill in the following table. (Enter your responses using integers.) Individual Initial Trade Final Allocation for Allocation Norman 5F, 5C clothing food 4F. 6C 6F. 4c Gina 5F, 5C After this trade, Norman's MRS will and Gina's MRS will Editing: decrease 3-point curve increase

Fill in the following table. (Enter your responses using integers.) Individual Initial Trade Final Allocation for Allocation Norman 5F, 5C clothing food 4F. 6C 6F. 4c Gina 5F, 5C After this trade, Norman's MRS will and Gina's MRS will Editing: decrease 3-point curve increase

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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