Reference no: EM131163494
Suppose an economy economy has two consumers, A and B, and two commodities X and Y.
A's utility function and initial endowment are:
UA( XA ,Y A)=X^1/3AYY^2/3a
ωA=(ωA X ,ωA Y )=(30, 20)
B's utility function and initial endowment are:
UB( XB ,YB)=X^1/2BY^1/2B
ωB=(ωB X ,ωBY )=(30, 180)
(a) What is A's Marshallian demand function for XA ?
(b) What is A's Marshallian demand function for Y A ?
(c) What is B's Marshallian demand function for XB ?
(d) What is B's Marshallian demand function for YB ?
(e) In the general competitive equilibrium, what is PX/PY?
(f) Find ( XA ,Y A , XB ,Y B ) in the general competitive equilibrium.
Hint: Please leave your answers as fractions, and do not attempt to convert them to decimals.
Please be careful at each step of your calculation.
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