Consumption vector of the ith consumer

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Consider an economy with consumers and goods, where, for all i, the endowment vector of consumer is e, and the utility function of each consumer is of the form Iui(xi , ) xn), i=1 where xis the consumption vector of the ith consumer. Assume that uis 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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