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General Equilibrium 1 Consider, U1(x1, y1) = 4(x1y1) 5 U2(x2, y2) = lnx2 + 4lny2 W1 = (6, 4) and W2 = (3, 6) a.

General Equilibrium 1

Consider,

U1(x1, y1) = 4(x1y1) 5

U2(x2, y2) = lnx2 + 4lny2

W1 = (6, 4) and W2 = (3, 6)

a. Characterize the Pareto efficient allocations and contract curve .

b. Which allocations are in the core ?

c. Find the Competitive/Walrasian equilibrium for this problem .

d. Is the answer of c in the core ?

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