The young expert Hand written solution is not allowed. This question is different from the previous one.Consider two consumers, A and B, who consume two goods, x and y. Each consumer spends half of their income oneach good. The price of y is fixed at $1. Assume that the demand functions for each good from each consumer are thefollowing:xУАХВ10p+102P10p+10230p+102PT30px +10УВ2Find the equilibrium price of x in this scenario. Round to the nearest .01, if necessary. Hint: you can see theendowments in the demand curves.

Detailed explanation: Since the price of good y is fixed at $1, we can rewrite the demand functions…

Answered: This question is different from the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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