Norman and Gina consume food and clothing. In particular, Norman currently consumes 4 units of food and 6 units of clothing and Gina currently consumes 6 units of food and 4 units of clothing. At these levels of consumption, 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. 1.) Using the three-point curved line drawing tool, draw an indifference curve for Norman when consuming 4 units of food and 6 units of clothing. Label this curve UN 2.) Using the three-point curved line drawing tool, draw an indifference curve for Gina when consuming 6 units of food and 4 units of clothing. Label this curve UG- Carefully follow the instructions above, and only draw the required objects. Next, fill in the missing information in the following table. For 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.) Individual Norman Gina Initial Allocation 4F, 6C 6F, 4C Trade for Final Allocation F.C ☐ F. C After this trade, Norman's MRS will and Gina's MRS will Clothing 6 OG Gina Food Nogma E

Microeconomic Theory
12th Edition
ISBN:9781337517942
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Chapter3: Preferences And Utility
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Norman and Gina consume food and clothing. In particular, Norman currently consumes 4 units of food and 6 units of
clothing and Gina currently consumes 6 units of food and 4 units of clothing. At these levels of consumption, 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.
1.) Using the three-point curved line drawing tool, draw an indifference curve for Norman when consuming 4 units of
food and 6 units of clothing. Label this curve UN
2.) Using the three-point curved line drawing tool, draw an indifference curve for Gina when consuming 6 units of food
and 4 units of clothing. Label this curve UG-
Carefully follow the instructions above, and only draw the required objects.
Next, fill in the missing information in the following table.
For 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.)
Individual
Norman
Gina
Initial
Allocation
4F, 6C
6F, 4C
Trade
for
Final
Allocation
F. C
F. C
After this trade, Norman's MRS will
and Gina's MRS will
6
OG
Gina
Food
Nogman
E
Transcribed Image Text:Norman and Gina consume food and clothing. In particular, Norman currently consumes 4 units of food and 6 units of clothing and Gina currently consumes 6 units of food and 4 units of clothing. At these levels of consumption, 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. 1.) Using the three-point curved line drawing tool, draw an indifference curve for Norman when consuming 4 units of food and 6 units of clothing. Label this curve UN 2.) Using the three-point curved line drawing tool, draw an indifference curve for Gina when consuming 6 units of food and 4 units of clothing. Label this curve UG- Carefully follow the instructions above, and only draw the required objects. Next, fill in the missing information in the following table. For 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.) Individual Norman Gina Initial Allocation 4F, 6C 6F, 4C Trade for Final Allocation F. C F. C After this trade, Norman's MRS will and Gina's MRS will 6 OG Gina Food Nogman E
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