1 Competitive equilibrium Two agents meet to trade two goods. Agent 1 has utility function "0,1(331) = (m})1/4(m)3/4 and endowment el = (1,0), while agent 2 has utility function 152(232) = (1%)?\" 4(33)\" 4 and endowment r32 : (O, 2). 1. Find a competitive equilibrium of this economy. 2. A wellmeaning social planner reallocates endowments in an attempt to achieve a fair outcome. The new endowments he comes up with are E?1 = E2 = (1/21). Is either agent better off under this allocation than the equilibrium allocation from the previous part? 3. Now suppose markets are allowed to reopen after the social planner reallocates en dowments as in the previous part. Find a competitive equilibrium of the new economy