Find the competitive equilibrium prices and consumptions

Assignment Help Econometrics

Reference no: EM13219969

An economy has 2,000 people. 1,000 of them have utility functions U(x, y) = x + y and 1,000 of them have utility functions U(x, y) = min{ 2x, y}. Everybody has an initial allocation of 1 unit of x and 1 unit of y. Find the competitive equilibrium prices and consumptions for each type of person.

Reference no: EM13219969

Questions Cloud

Create a stored procedure : The procedure must insert the next of kin information into the Next of kin table by looking up the student id from the Student table. (will you need a schema? how do I send it to you?) can you use just the tables for the student and next of kin?

Give the economic intuition of the results on consumption : the price level and the money supply over the business cycle both in terms of correlation, magnitude and lead vs lag. Give the economic intuition of the results on consumption, investment, productivity, wages and price levels.

Explain what is the molar concentration of this solution : a molal concentration of 6.25 m has a density of 1.300 g/mL. What is the molar concentration of this solution?

Write an assembly program using marie : Write an assembly program using MARIE to receive an input in decimal that represents the number of numbers in a list. Then input a list of numbers one by one, display the number of numbers in the list as well as the numbers one by one, and find th..

Find the competitive equilibrium prices and consumptions : An economy has 2,000 people. 1,000 of them have utility functions U(x, y) = x + y and 1,000 of them have utility functions U(x, y) = min{ 2x, y}. Everybody has an initial allocation of 1 unit of x and 1 unit of y. Find the competitive equilibrium ..

Create the data flow diagrams needed : The Chocolate Delights Candy Company needs to add the following functionality to its cash register: When a customer is checking out, the cash register needs to store the required data pertaining to each item the customer is buying.

Calculate the momentum of a water molecule : Compute the momentum of a water molecule at normal conditions, assuming its kinetic energy

What is the set of pareto optimal allocations : Amaranda and Bartolo consume only two goods, X and Y. They can trade only with each other and there is no production. The total endowment of good X equals the total endowment of good Y.

Mixture equal to the sum of the volumes of the ingredients : Suppose you have made 1L worth of a mixture of methanol and water, by mixing 3 parts of methanol and 2 parts of water by mass. Assume for simplicity that the volume of the mixture is exactly equal to the sum of the volumes of the ingredients (whic..

User Account

All Pages