Wheat (bushels) A Y Free-time (hours) [slope at A…

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Your Question:

The given figure shows the combined production function of Anna and Bob

a) Draw a single, well-labelled diagram, showing a contrast of the point of allocation when Anna is a slave vs when Anna is a tenant on Bob’s land.

b) Briefly explain your reasons for the contrast that you depicted on the diagram in part (a)

c) Without using any numbers/digits, in your own words, briefly explain whether and how the Pareto efficient outcome could be different in these two cases (when Anna is a slave vs. tenant on Bob's land)

Wheat (bushels)
A
Y
Free-time (hours)
[slope at A = slope at y ]

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