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Describe the shape of the contract curve in the exchange

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Jack and Jill consume sandwiches and soft drinks. Jack's MRS of sandwiches for soft drinks is 2 and Jill's MRS of sandwiches for soft drinks is 6. If the price of sandwiches is $3 and the price of soft drinks is $2. What will happen to the prices of the two goods over time? Explain.

Describe the shape of the contract curve in the exchange between two people with identical preferences? Assume utility functions with strictly convex indifference curves. Show using algebra.

Reference no: EM132617574

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