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2) This guestion is from Final 2016. Consider an Exchange economx composed of twO individuals A...
2) Consider an Exchange economy composed of two individuals A and B and two goodsx1 and...
2) Consider an Exchange economy composed of two individuals A and B and two goodsx1 and x2. Individual A has an endowment of W(3,5) and individual B has an endowment of Wa^- (3,3). A's utility function is given byUA Xx2. Suppose that B is neutral about x1 (neither increasing nor decreasing the amount of x1 affects her utility) and she prefers more of x2 to less. Specifv a utility function for B. Eind the equilibrium price and allocations. 3) Consider...
9) (10 points) Consider an exchange economy composed of two individuals A and B and two...
9) (10 points) Consider an exchange economy composed of two individuals A and B and two goods x1 and X2. A's utility function is given bỵ U,-2X1 + X2. Individual B's utility function is givenby u = xx2. In the economy, the total endowment of xņš 2 and the total endowment of x2 is 1. Normalize p2 to 1. We know that, in this economy eauilibrium price is given bypi-1. a. (6 points) Find the equilibrium allocation b. (4 points,...
4) (8 points) Consider an exchange economy composed of two individuals A and B and two...
4) (8 points) Consider an exchange economy composed of two individuals A and B and two goods xi and x2. Individual A has an endowment of wA2,4) and individual B has an endowment ofw (3,3). A's utility function is given bỵU,-x1 X2. Individual B's utility, function is giyen bỵ UB-X1 X22. Eind the equilibrium price and allocation.
3. Consider a general equilibrium model with two individuals (A and B) and two goods (zi...
3. Consider a general equilibrium model with two individuals (A and B) and two goods (zi and x2). Consumer A has utility function given by Consumer B has utility function given by Consumer A has endowment: 5and and wr = 2. 6, and Consumer B has endowment: (a) Draw the Edgeworth Box for this economy, where the origin for Consumer A is on the bottom-left corner (QA) and the origin for Consumer B is on the top-right corner (Op). Label...
Consider a pure exchange economy two consumers, Rachel and Lauren, and two commodities, watermelon and tomatoes....
Consider a pure exchange economy two consumers, Rachel and Lauren, and two commodities, watermelon and tomatoes. Rachel’s initial endowment is 4 units of watermelon and 3 units of tomatoes. Lauren’s initial endowment is 2 units of watermelon and 5 units of tomatoes. Rachel and Lauren have identical utility functions: Rachel’s utility is UR(WR,TR) = WRTR where WR and TR is Rachel’s quantity of watermelon and quantity of tomatoes, respectively; similarly, Lauren’s utility is UL(WL,TL) = WLTL where WL and TL...
Description of the economy: For each of the following problems, consider a 2x2 Exchange Economy with two consumers A and B, and two goods X and Y . The preferences of consumer A can be represented by...
Description of the economy: For each of the following problems, consider a 2x2 Exchange Economy with two consumers A and B, and two goods X and Y . The preferences of consumer A can be represented by the utility function uA(xA, yA) = xAyA , where xA is the amount of good A consumed by consumer A, and yA is the amount of good Y consumed by consumer A. The preferences of consumer B can be represented by the utility...
Description of the economy: For each of the following problems, consider a 2x2 Exchange Economy with two consumers A and B, and two goods X and Y . The preferences of consumer A can be represented by...
Description of the economy: For each of the following problems, consider a 2x2 Exchange Economy with two consumers A and B, and two goods X and Y . The preferences of consumer A can be represented by the utility function uA(xA, yA) = xAyA , where xA is the amount of good A consumed by consumer A, and yA is the amount of good Y consumed by consumer A. The preferences of consumer B can be represented by the utility...
Consider a pure exchange economy with two individuals (A and B) and two goods (x and...
Consider a pure exchange economy with two individuals (A and B) and two goods (x and y). The utility functions are given by UA(xA, yA) = min[xA, yA] UB(xB, yB) = min[xB, yB], where xi and yi are the quantities of the two goods consumed by individual i = A, B. The total endowments are wx = 10 and wy = 5. (a) Represent the indifference curves of both individuals in the Edgeworth box and find the Pareto set. (b)...
1. Consider the following exchange economy. There are two goods (1 and 2) and two consumers (A an...
1. Consider the following exchange economy. There are two goods (1 and 2) and two consumers (A and B). Preferences and endowments are as follows: uA (イ·攻)-玲攻 TA _ (0,2) 2(4,0) (a) Draw an Edgeworth Box diagram to depict this economy. Your diagram should be clearly labelled, and should include the autar kic allocation as well as a couple of indifference curves for each consumer. (Indifference curves for A do not need to be precisely accurate but those for B...
Consider a pure exchange economy with two consumers and two goods. Total endowments of the two...
Consider a pure exchange economy with two consumers and two goods. Total endowments of the two goods are given by X̅=10 and Y̅=20. Consumer A’s utility function is given by UA(XA,YA)=sqrtXAYA.. Consumer B regards the two goods as perfect substitutes with MRS=2. (1) Find the contract curve for this economy. (2) Suppose the initial endowments are given as the following: 2,8), (XA, YA)=(2,8) (XB,YB)=(8,12). Find the set of Pareto efficient allocations that Pareto dominate the endowment poin
2) Consider an Exchange economy composed of two individuals A and B and two goodsx1 and x2. Individual A has an endowment of W(3,5) and individual B has an endowment of Wa^- (3,3). A's utility function is given byUA Xx2. Suppose that B is neutral about x1 (neither increasing nor decreasing the amount of x1 affects her utility) and she prefers more of x2 to less. Specifv a utility function for B. Eind the equilibrium price and allocations. 3) Consider...
9) (10 points) Consider an exchange economy composed of two individuals A and B and two goods x1 and X2. A's utility function is given bỵ U,-2X1 + X2. Individual B's utility function is givenby u = xx2. In the economy, the total endowment of xņš 2 and the total endowment of x2 is 1. Normalize p2 to 1. We know that, in this economy eauilibrium price is given bypi-1. a. (6 points) Find the equilibrium allocation b. (4 points,...
4) (8 points) Consider an exchange economy composed of two individuals A and B and two goods xi and x2. Individual A has an endowment of wA2,4) and individual B has an endowment ofw (3,3). A's utility function is given bỵU,-x1 X2. Individual B's utility, function is giyen bỵ UB-X1 X22. Eind the equilibrium price and allocation.
3. Consider a general equilibrium model with two individuals (A and B) and two goods (zi and x2). Consumer A has utility function given by Consumer B has utility function given by Consumer A has endowment: 5and and wr = 2. 6, and Consumer B has endowment: (a) Draw the Edgeworth Box for this economy, where the origin for Consumer A is on the bottom-left corner (QA) and the origin for Consumer B is on the top-right corner (Op). Label...
1. Consider the following exchange economy. There are two goods (1 and 2) and two consumers (A and B). Preferences and endowments are as follows: uA (イ·攻)-玲攻 TA _ (0,2) 2(4,0) (a) Draw an Edgeworth Box diagram to depict this economy. Your diagram should be clearly labelled, and should include the autar kic allocation as well as a couple of indifference curves for each consumer. (Indifference curves for A do not need to be precisely accurate but those for B...
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