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Q1. General Equiliubrium-Pure Exchange Economy
Suppose A and B live in an exchange economy with two goods x1 and x2. Aowns 50 of both goods, and B own 250 of both goods.A's tastes are captured by the utility functionuA(x1,x2) = x2 + 50lnx1 and B's are captured by the utility functionuB(x1,x2) = x2 + 100lnx1.
a. Let the competitive equilibrium prices be p1 and p2 respectively.Derive both consumers' demand functions for both goods.
b. Find the relationship between p1 and p2 in equilbirum. How muchof each good will each consumer choose?
c. Suppose the government transfers 100 units of B's good 1endowment to A. How will the consumers' choices of good 1 in competitiveequilibrium change? Explain. (You should answer without repeating the utilitymaximization calculations.)
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q1=20 Q2=15 Q3=27 mARKET EQUILIBRIUM IS $45 price at A=85 C=5 F=59 G=31 what is the dollar value of the dead weightloss when output level q2 is produced what is the total surplus wen output q2 is being produced
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To get an idea of how much those government rebate checks have spurred spending-and who's benefiting from the buying-business school professors Jonathan Parker (Northwes t ern) and Christian Broda (University of Chicago) analyzed the spending of 3..
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