(a) What is the implication of the two consumers being at different points in the Edgeworth box? (b)

(a) What is the implication of the two consumers being at different points in the Edgeworth box? (b) What would be implied if 1 was at a point south-west of 2? North-east of 2? (c) What is the interpretation of a single point on a vertical side of the box? A horizontal side? (d) Suppose you were faced with two ‘ordinary’ indifference curve diagrams for the two consumers, placed side by side on the page. How would you obtain the Edgeworth box from them? (e) Where would the initial endowment point be if all of good 1 were owned by consumer 1, and all of good 2 by consumer 2? If 1 owned all of

»(a) What is the implication of the two consumers being at different points in the Edgeworth box? (b) What would be implied if 1 was at a point south-west of 2? North-east of 2? (c) What is the interpretation of a single point on a vertical side of the box? A horizontal side? (d) Suppose you were faced with two ‘ordinary’ indifference curve diagrams for the two consumers, placed side by side on the page. How would you obtain the Edgeworth box from them? (e) Where would the initial endowment point be if all of good 1 were owned by consumer 1, and all of good 2 by consumer 2? If 1 owned all of both goods? (f) Under what conditions would the box be square? State as concisely as you can a sufficient condition on the initial endowment point for no trade to take place  

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