For the following problem, round your calculations to the nearest two decimals. In an exchange economy, there are two agents, A and B, and there are 90 total units of x and 22 total units of y. The two consumers have utility functions u"(x, y) = xy and u"(x, y) = xy, respectively. Assume the initial endowments are o A = (30, 14) and w n = (60, 8). Let p be the price of good y, and let the price of good x be 1. In a competitive equilibrium, the amount of good x consumed by agent A is The amount of good y consumed by agent B is

For the following problem, round your calculations to the nearest two decimals. In an exchange economy, there are two agents, A and B, and there are 90 total units of x and 22 total units of y. The two consumers have utility functions u"(x, y) = xy and u"(x, y) = xy, respectively. Assume the initial endowments are o A = (30, 14) and w n = (60, 8). Let p be the price of good y, and let the price of good x be 1. In a competitive equilibrium, the amount of good x consumed by agent A is The amount of good y consumed by agent B is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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