Consider an economy with two agents and two commodities. Consumers' preferences are represented by the following utility functions u1(x11,x21)=(x11)21(x21)21u2(x12,x22)=x12+x22. Consumers' initial endowments are e1=(10,2)e2=(6,4). Note: You can normalize the price of one good to 1 at any point when solving this question. ) Write down the excess demand of each consumer, and calculate the aggregate excess demand. Notice that we have aggregate demand correspondence because of consumer 2's Walrasian demand at price p1=p2. ) Using the aggregate excess demand, show that there is a unique equilibrium price (Here, it might be beneficial to normalize the price of one of the goods to 1 ). Consider an economy with two agents and two commodities. Consumers' preferences are represented by the following utility functions u1(x11,x21)=(x11)21(x21)21u2(x12,x22)=x12+x22. Consumers' initial endowments are e1=(10,2)e2=(6,4). Note: You can normalize the price of one good to 1 at any point when solving this question. ) Write down the excess demand of each consumer, and calculate the aggregate excess demand. Notice that we have aggregate demand correspondence because of consumer 2's Walrasian demand at price p1=p2. ) Using the aggregate excess demand, show that there is a unique equilibrium price (Here, it might be beneficial to normalize the price of one of the goods to 1 )