Define a general equilibrium in this economy

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Reference no: EM13192665

Consider a two-onsumer exchange economy. Consumer 1 and 2 have

utility functions:

U1(x, y) = x2/3y1/3
U2(x, y) = x1/2y1/2

Initial endowment e1=(18,7) (It means consumer 1 has 18 units of x and 7 units of y initially), e2=(15,16).

a. Define a (competitive) general equilibrium in this economy.

Reference no: EM13192665

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