3 Consider the pure exchange economy with2 goods, good 1 and good 2, and twoconsumers, consumer A and consumer B.Consumer A is initially endowed with 10units of good 1 and 10 units of good 2.Consumer B is initially endowed with 2units of good 1 and 2 units of good 2. Theconsumers have the following utilityfunctions: uA(x1A,X2A)=X1A×2A²;uB(X1B,X2B)=x1B+×2B• Among the pricesbelow, which ones are Walrasianequilibrium prices?а.P1=3, p2 =2b.p1=4, p2 =5С.None of the other answers.d.P1=2, P2 =3е.p1=5, p2 =4

Here, this canbe summed up by considering three cases for the price vector:If p1p2>1/3, then…

Answered: 3 | bartleby

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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