Contract curve inside the edgeworth box for two consumers

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1. What is the contract curve inside the Edgeworth box for two consumers “you” and “me”? In terms of overall welfare between two consumers, is it better to be on or off the contract curve. Why or why not?

2. (a) Is it possible for a firm to have two isoquants that cross over eachother on the two-dimensional diagram with K and L as inputs? Explain your answer.

(b) Could a firms isoquant ever slope upward? Explain

Reference no: EM131090439

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