3 1) Consider a two-person, two-commodity, pure exchange, competitiveeconomy. The consumers' utility functions are U = q11912 + 12q11 + 3q12and U2 = 9219122 + 8921 + 9q22. Consumer I has initial endowments of 8and 30 units of Q, and Q2 respectively; Consumer II has endowments of 10units of each commodity.a. Determine excess demand functions for the two consumers.b. Determine an equilibrium price ratio for this economy.

-) Consider a two-person, two-commodity, pure exchange, co economy. The consumers' utility functions are U, = q1191: and U2 = 9219122 + 8921 +9922. Consumer I has initial e and 30 units ofQ, and Q2 respectively; Consumer II has en units of each commodity. 1. Determine excess demand functions for the two consumers p. Determine an equilibrium price ratio for this economy.

-) Consider a two-person, two-commodity, pure exchange, co economy. The consumers' utility functions are U, = q1191: and U2 = 9219122 + 8921 +9922. Consumer I has initial e and 30 units ofQ, and Q2 respectively; Consumer II has en units of each commodity. 1. Determine excess demand functions for the two consumers p. Determine an equilibrium price ratio for this economy.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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