question archive Individuals make socks, which are only valuable in pairs
Subject:EconomicsPrice:3.86 Bought12
Individuals make socks, which are only valuable in pairs. A pair of socks sells for $10. Since a single sock is pointless, it cannot be sold for a positive price. (a) If there are two individuals, who both make 5 socks1 each, what describes the set of actions that are in the core? (b) If there are three individuals, who each make 5 socks, what describes the set of actions that are in the core? (c) For this part, assume that the socks do correspond to right or left feet and that only pairs of one right sock and one left sock can be sold for $10. If there are 4 individuals who each produce a left sock and 5 individuals who each produce a right sock, what is one "core" solution? (You don't need to describe them all, although they all share some things in common. For the answer you only need to give a single allocation that is in the core. It will help to label your players, maybe r1, r2, l1, l2, etc.)
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