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Question 11 Complete Marked out of 1.00 \\V Flag question Consider a two-person (1 and 2) two good (X and Y) oneinput (L) production economy. The utility function of person 1 is given by U1=366)(14x12 +y1 and the utility function of person 2 is given by U2=366x2- 4x22+y2 where x, and y, denote respectively person i's consumption amount of good X and of good Y, i=1, 2. Each person has Li: 366 units of labour and Ki: 366 units of capital, i = 1,2. The production function of good X and that of good Y are given respectively by X =('l/ 4) Lx\"2 KX'\"2 and Y = Ly\"2 Ky\"2 , where LJ and KJ denote respectively the amount of labour and capital used in the production of good j, j=X, Y. Let px , py , w and r denote respectively the price of good X, the price of good Y, the price of labour and the price of capital. Assume that the market for every good and the input is perfectly competitive and that in equilibrium w*=1. Derive the (free market) equilibrium price of good X, px'\". Then enter the value of px\" below. Answer: 3.46410