An exchange economy has two goods (apples, bananas) and two types of agent (1, 2). The total endowment of this economy is 7 apples and 7 bananas. Both good are divisible goods, so that it is possible to consume fractions of each good (e.g. 4.2 bananas and apples). Each type 1 agent's preferences are represented by the utility functio U(xB,x) =200+x+x%, where x and x denote the agent's consumption of bananas an apples, respectively. Each type 2 agent's preferences are represented by the utility functio -20 + 3x + x, where x and x denote the agent's consumption of banana =

An exchange economy has two goods (apples, bananas) and two types of agent (1, 2). The total endowment of this economy is 7 apples and 7 bananas. Both good are divisible goods, so that it is possible to consume fractions of each good (e.g. 4.2 bananas and apples). Each type 1 agent's preferences are represented by the utility functio U(xB,x) =200+x+x%, where x and x denote the agent's consumption of bananas an apples, respectively. Each type 2 agent's preferences are represented by the utility functio -20 + 3x + x, where x and x denote the agent's consumption of banana =

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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