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Pareto optimal allocations

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Pareto optimal allocations

State the constrained optimization problem that allows you to find the pareto optimum allocation for the one period closed economy model.

The answer is

One period interest: GDP,CONS, employment

Static

Closed economy (everything that is exchanged in the economy is done by only it's agents)

Agents:

- Representative consumer (c*,l*)=n^(s*)

- Representative firm (y*,n^(d*))=gdp

- Government (G,T)=expenditure

Agents interact

Equilibrium= markets clear (consumption good, labor)

Y^(eq)=C^(eq)+G^(eq)

Competitive: (w) - all agents take prices as give and behavior rationally for those prices.

If the answer is not correct, please use the correct answer to solve.

Reference no: EM131527704

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