State the conditions for market equilibriumeral

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Reference no: EM13219296

exchange economy with two goods x,y. Person A has 16 units of x and no y; B has 4 x and 40 y,

Ua(x,y)= x(^1/3)Y(^1/9)

Ub(X,Y)= X^(2/3)Y(^1/9)

1) the demands for goods x and y for both persons.

2)state the conditions for market equilibriumeral.

3)solve the general equilibruim of the eonomy.

4)the individual consumption of both goods in equilibrium.

5)individual utilities at the initial endowment point and in equilibrium. Who gains more?

Reference no: EM13219296

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