1 Competitive equilibrium Two agents meet to trade two goods. Agent 1 has utility function u1 (3:1) 2 (3331/463393\" and endowment 81 = (1,0), while agent 2 has utility function v.2(332) = (Iila/4($)1/ 4 and endowment 82 = (0, 2). 1. Find a competitive equilibrium of this economy. 2. A well-meaning social planner reallocates endowments in an attempt to achieve a fair outcome. The new endowments he comes up with are 51 = E42 = (1/2, 1). Is either agent better off under this allocation than the equilibrium allocation from the previous part? 3. Now suppose markets are allowed to re-open after the social planner reallocates en dowments as in the previous part. Find a competitive equilibrium of the new economy