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MR, Macroeconomics
Question 1: Consider a twoperiod, twoperson pure exchange economy. Utility functions and
endowments are given as follows.
u1(x0; x1) = (x0x1)2 and e1 = (18; 4)
u2(x0; x1) = ln x0 + 2 ln x1 and e2 = (3; 6)
1. Characterize the set of ecient allocations as completely as possible.
2. Describe an ArrowDebreu environment for this economy, explaining when markets are
open, who trades what with whom, and so on. Dene an ArrowDebreu competitive
equilibrium (AD equilibrium, for short).
3. Find the unique AD equilibrium of this economy.
Posted Date: 9/30/2012 2:33:16 PM  Location : United States
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