What will have to happen to peanut butter and jelly prices, Finance Basics

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What will have to happen to peanut butter and jelly prices

Problem

i. Using an Edgeworth Box diagram, with peanut butter on the horizontal axis, and jelly on the vertical axis, please draw show how a set of prices can result in there being an excess supply of peanut butter and an excess demand for jelly, and explain why this is not a competitive equilibrium. Remember to label everything in the diagram.

ii. What will have to happen to peanut butter and jelly prices for there to be a competitive equilibrium?

iii. Is a competitive equilibrium also Pareto efficient? How do you know?

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