In a simple exchange economy, Ann's initial allocation is 6 Food (F) and 2 clothing (C) units. Bill's initial allocation is 1 F and 8 C units. At the initial allocation, Ann will give up 5 C for 1 F (MRS for Ann is 5, with F on the horizontal axis and C on the vertical axis) while Bill is willing to give up 2 C for 1F (MRS for Bill is 2). (a)Explain why the initial allocation is NOT Pareto efficient. (2 marks) (b)If they are to trade F and C with each other, who would be selling / buying what to ensure such a trade would be Pareto superior (i.e. one of them can be made better off without making the other worse off)? Explain your answer. (2 marks) (c)After the trade you mentioned in part b), how would the MRS of Ann and Bill change? Explain your answer. (2 marks) (d) In a competitive equilibrium, in what range will the relative price fall within? Explain your answer. (2 marks)