Consider an economy with *I *consumers and *L *goods, where, for all *i*, the endowment vector of consumer *i *is **e***i *, and the utility function of each consumer *i *is of the form *Iu**i**(x**i** *, ) *x**n**)*, *i*=1 where **x***i *is the consumption vector of the *i*th consumer. Assume that *u**i *is increasing with respect to the components of **x***i*.

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

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

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