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Suppose consumers face the utility function: U(xi, yi) = xiVi; for i = 1, 2, .. .. . mm M Firms face the cost function:

Suppose consumers face the utility function: U(xi, yi) = xiVi; for i = 1, 2, .. .. . mm M Firms face the cost function: Ci (qi) = q7 + F (a) Solve for equilibrium in perfect competition (b) Show the effect of change in income on equilibrium quantity

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