Y6 In the pure exchange system, where two goods X, Y, two consumer A, B, the auctioneer
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Y6
In the pure exchange system, where two goods X, Y, two consumer A, B, the auctioneer offered relative price of px/py=3, and there was an "excess supply" of good X. Draw an Edgeworth box that shows this situation and draw a Walras equilibrium on the same diagram when the auctioneer adjusts the relative price.
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