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Chris and Dana live in an exchange economy with two goods: good Q and good R. Chris starts off with an endowment of 6 units

Chris and Dana live in an exchange economy with two goods: good Q and good R. Chris starts off with an endowment of 6 units of Q and 10 units of R. Dana starts off with an endowment of 8 units of Q and 8 units of R.

a) Suppose that the price of good R is pR=1 and the price of good Q is pQ=2. How much is Chris's initial income, given his endowments and given these prices? [Do not use any decimal places in your answer.]

b) How much is Dana's initial income, given her endowments and given these prices? [Do not use any decimal places in your answer.]

c) At these prices, how many units of Q would Chris want to consume? [Use up to two decimal places in your answer.]

d) At these prices, how many units of R would Chris want to consume? [Use up to two decimal places in your answer.]

e) At these prices, how many units of Q would Dana want to consume? [Use up to two decimal places in your answer.]

f) At these prices, how many units of R would Dana want to consume? [Use up to two decimal places in your answer.]

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