3. (15 pts.) General Equilibrium: An economy consists of two people, both with the utility functions u ry. Their initial

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3. (15 pts.) General Equilibrium: An economy consists of two people, both with the utility functions u ry. Their initial

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3 15 Pts General Equilibrium An Economy Consists Of Two People Both With The Utility Functions U Ry Their Initial 1
3 15 Pts General Equilibrium An Economy Consists Of Two People Both With The Utility Functions U Ry Their Initial 1 (13.87 KiB) Viewed 8 times
3. (15 pts.) General Equilibrium: An economy consists of two people, both with the utility functions u ry. Their initial endowments are (ri, y) = (10, 10) and (22,92) (20,0). Using x as the numeraire good, find the equilibrium price and the bundle each person consumes at equilibrium.
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