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Two Consumers Jim and Pam Both Have Opera Tickets and Movie

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Two consumers Jim and Pam both have opera tickets and movie tickets.They wish to exchange tickets with each other.Given their utility functions UI(OJ,MJ)U ^ { I } \left( O _ { J } , M _ { J } \right) and UP(OP,MP)U ^ { P } \left( O _ { P } , M _ { P } \right) ,show that their marginal rates of substitution need to be equal for any given distribution of tickets to be efficient.

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For a distribution to be efficient,it ha...

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