Two Individuals, a and B, Are Free to Engage in Trade

question 99

Essay

Two individuals, A and B, are free to engage in trade of clothing and food. Initially, A has 12 units of clothing and 9 units of food, and B has 8 units of clothing and 11 units of food. The individuals have the following utility functions in clothing C and food F:
U_A = 0.15Q_C ∙ Q_F
U_B = 0.08Q_C ∙ Q_F
where Q_F represents units of food, Q_C represents units of clothing, and U represents utility. Determine if a mutually beneficial trade is possible between A and B. If so, who would trade for what?

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Definitions:

Right Lung

The larger of the two lungs, located on the right side of the thorax, divided into three lobes and responsible for respiratory function.

Lower Respiratory System

The part of the respiratory system including the trachea, bronchi, and lungs, involved in the vital process of gas exchange.

Epiglottis

A flap of cartilage located at the entrance of the larynx, which closes during swallowing to prevent food and liquid from entering the airway.

Hemispheres

Two halves of the brain, each responsible for different functions and controls opposite sides of the body.