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Consumption vector of the ith consumer

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Reference no: EM13887980

Consider an economy with I consumers and L goods, where, for all i, the endowment vector of consumer i is ei , and the utility function of each consumer i is of the form Iui(xi , ) xn), i=1 where xi is the consumption vector of the ith consumer. Assume that ui is increasing with respect to the components of xi.

(a) De?ne a notion of competitive equilibrium.

(b) Is an equilibrium necessarily Pareto optimal? Give an argument.

Reference no: EM13887980

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