! Consider a two-good two agent economy with the following endowments and utility functions:(e, e) = (15, 0), (ef, e) = (0, 5)ut (x1,X2) = In x1 + 2 ln x2u (x1, x2) = 3 ln x1 + In x2.Find the equilibrium price of good 1 in this economy. Use the normalization p1 + p2 = 1. (Report t

Answered: (e, e) = (15,0), (ef, e) = (0, 5) %3D…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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(e, e) = (15,0), (ef, e) = (0, 5) %3D u(x1,x2) = In x1 +2 In x2 %3D B u (x1, x2) = 3 In x1 + In x2. %3D 1 in this economy. Use the normalization p1 +p;