(35) We now analyze the general equilibrium of this economy. (a) (5) Normalizing the prices such that p + p = 1, find the equilibrium rental price of land r*. (b) (5) Typically we might normalize by fixing Pc valid here to normalize using a non-linear function? (c) (5) Find the equilibrium prices of corn pe and wheat p * (d) (5) Find the equilibrium quantities q, q, land used le, l, and profit earned T, T by each farm. = 1 or setting Pc + Pw W* (e) (5) Find the income Ic*, Iw*, consumption of corn qc*, qu utility uc*, uw* for each farmer. 1. Why is it and wheat q*, qu*, and (f) (5) List all of the explicit transactions that actually take place in this economy. (g) (5) Taking the perspective of an accountant and ignoring all implicit costs, find the accounting profit , T for each farmer. W