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1. [20 points Consider an exchange economy with n goods and I agents. Agent i = 1, 2, . .., n has endowments e' =
1. [20 points Consider an exchange economy with n goods and I agents. Agent i = 1, 2, . .., n has endowments e' = (eh,e;, . ..,e ,). The price vector is given by p = (P1, P2, . . . , Pn). (a) Define a Walrasian equilibrium. (b) State and prove the First Welfare Theorem
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