Helen has 3 liters of Cola and 9 Burgers. Alex, on the other hand, has 8 liters of Cola and 4 Burger. With these endowments, Helen's marginal rate of substitution (MRS) of Cola for Burgers is 4 and Alex's MRS is equal to 2. Draw an Edgeworth Box Diagram to show whether this allocation of resources is efficient. If it is, explain why. If it is not, what o will m tter off?

Helen has 3 liters of Cola and 9 Burgers. Alex, on the other hand, has 8 liters of Cola and 4 Burger. With these endowments, Helen's marginal rate of substitution (MRS) of Cola for Burgers is 4 and Alex's MRS is equal to 2. Draw an Edgeworth Box Diagram to show whether this allocation of resources is efficient. If it is, explain why. If it is not, what o will m tter off?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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