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Public Goods
Consider an economy with two goods, a public good (x) and labor (n). Individual utility is given by Ui = In(x) +li where x = x1 + 2 and li = 24-ni. There is a competitive market producing the public good using the technology: x = 5n = 5(n1 + n2)
(a) Find the competitive equilibrium allocation and prices.
(b) Find the ecient allocation.
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