12. Consider a pure 2-consumer 2-good exchange economy under a competitive price system. Consumers' A and B preferences are represented by utility functions Consider a pure 2-consumer 2-good exchange economy under a competitive price system. Consumers' A and B preferences are represented by utility functions u(XIA,X2A)-XIA+2x2A. Up(Xin,X28)=X1nX28, and their initial endowments are wA-(2,0) and og (0,2), respectively. Then, a competitive equilibrium allocation is: a) (XIA,X2A)=(0,1), (x18,X2B) (1,1) b) (XIA,X2A)-(0,2), (XIB,X28)-(2,0) c) (XIA,X2a) (1,1), (XIB,X2n)-(0,1) d) (XIA,X2A) (1,1), (XIB,X2n)-(2,1) e) none of the previous statements a-d is correct.

12. Consider a pure 2-consumer 2-good exchange economy under a competitive price system. Consumers' A and B preferences are represented by utility functions Consider a pure 2-consumer 2-good exchange economy under a competitive price system. Consumers' A and B preferences are represented by utility functions u(XIA,X2A)-XIA+2x2A. Up(Xin,X28)=X1nX28, and their initial endowments are wA-(2,0) and og (0,2), respectively. Then, a competitive equilibrium allocation is: a) (XIA,X2A)=(0,1), (x18,X2B) (1,1) b) (XIA,X2A)-(0,2), (XIB,X28)-(2,0) c) (XIA,X2a) (1,1), (XIB,X2n)-(0,1) d) (XIA,X2A) (1,1), (XIB,X2n)-(2,1) e) none of the previous statements a-d is correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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