Question
There are two goods and two consumers. Preferences and endowments are described by u(x, x2) = min(x, x2) e = (30, 0), (p. y)
There are two goods and two consumers. Preferences and endowments are described by u(x, x2) = min(x, x2) e = (30, 0), (p. y) = y/2 P1 P2 e = (0, 20), and and respectively. (a) Find a Walrasian equilibrium for this economy and its associated WEA. (b) Do the same when I's endowment is e = (5,0) and 2's remains e = (0, 20).
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Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
1st Edition
978-1464146978, 1464146977
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