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Consumption and leisure than a pareto optimum allocation

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Reference no: EM131541526

1) Define what is a competitive equilibrium for one period closed economy model. State each element of the definition.

2) a) State the constrained optimization problem that allows you to find the Pareto Optimum allocation for the one period closed economy model.

b) Show mathematically why a competitive equilibrium in the one period closed economy produces the same allocation in terms of consumption and leisure than a Pareto optimum allocation.

Reference no: EM131541526

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