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1. How many prices would we need to define a competitive equilibrium for an exchange economy with two time periods if there are two possible

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1. How many prices would we need to define a competitive equilibrium for an exchange economy with two time periods if there are two possible states in the final period? [3 points 2. Explain why equilibrium asset prices tend to be low today when households expect their consumption levels to be higher in the future. [3 points]

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