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Problem - Consider a potential, voluntary exchange between two people. Assume that both people have complete information about each other's preferences and that there are no transactions costs. Initially, Consumer A has 10 of X and 5 of Y, and Consumer B has 5 of X and 10 of Y. Consumers A and B's utility functions are:
UA = XY2
UB = X + Y
a. Calculate the marginal rate of substitution between goods X and Y for Consumer A at the current allocation.
b. Calculate the marginal rate of substitution between goods X and Y for Consumer B at the current allocation. Show your work.
c. Is this allocation of resources efficient? If it is, explain why. If it is not, what exchanges will make both parties better off? Explain your answer. For full credit, clearly specify whether A or B would get more X and y respectively.
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Thesis: In both poems, "What It's Like to Be a Black Girl" (For Those of You Who Aren't) and "Child of the Americas", we can see the youth is struggling with their inner selves; their races and identities.
Some psychologists see people's behavior as determined largely by family history and external environmental conditions. How would "cost" fit into their explanations?
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