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6. There is only one consumption good in the economy with two consumers and two states. Consumer 1's endowment is e1 : [ele] : [4.8] and consumer 2's endowment is 92 : [63% 63%] : [810], where e2 is consumer is endowment of the consumption good in state 3. Each consumer i's utility associated with consuming .17.: units of the consumption good in state 3 is Till-(1i) : in mi. Assume that each consumer i is an expected utility maximizer and both consumers believe that each state will occur with equal probability. Trading occurs sequentially over two periods in a Redner economy. Consumers trade nancial assets in the forward markets. One unit of asset 3 (s : 1, 2) pays one dollar in state s and nothing in the other state. Let qt,1 be the price of asset s in the forward markets Let 1),; be the price of the consumption good in the spot market after state s is realized. (a) In Radner equilibrium. the prices satisfy P2 _ 1 (12 P1 where A: is a positive constant. Determine the value of k. (1)) For any given spot market prices p1 and pg: derive the Radner equi- librium