Consider a two person (A and B) exchange economy with two goods (1 and 2). There are ten units of good 1 and fifteen units of good 2 in the economy. Person A's utility function is U A(x1, x2) = min{2x1, x2} where xi is this person's consumption of good i ∈ {1, 2}. Person B's utility function is U B(y1, y2) = y1 + y2, where yi is this person's consumption of good i ∈ {1, 2}. Using a fully-labeled Edgeworth box, or using mathematics, describe the contract curve (the set of efficient allocations) for this economy.
Steps by steps with explanation