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Microeconomics

37
Consider a simple economy where Tom and Jerry exchange cheese and grapes. Tom initially has one kilogram of cheese and five kilograms of grapes. Jerry has one kilogram of grapes and seven kilograms of cheese. Both Tom and Jerry view cheese and grapes as imperfect substitutes.

(a) Draw the Edgeworth box which describes this exchange economy. Indicate clearly where the initial endowment is located. Draw one indifference curve for Tom and one for Jerry . Make sure that all the components of your diagram are labelled correctly.

(b) In a new graph, show all allocations of cheese and grapes that both Tom and Jerry would agree to, compared to their initial endowments.

(c) Assume that Tom is bad at bargaining, and agrees to any allocation that is on his initial indifference curve. Jerry is good at bargaining and tries to be as well off as possible. In a new graph, show the allocation that Tom and Jerry would finally agree on (Hint: draw both of their indifference curves through that allocation).
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