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Walras Law Assignment Problem

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Walras Law Assignment -

Two consumers, Two firms, Two goods (x, y)

Utility 1 - u1(x1y1) = (x1y1)2

2 - u2(x2y2) = x2y2

Production: Firm 1 - y = ½ly,

Firm 2 - x =  √lx,

l = labor, only resource

Endowed labor

Consumer 1: l1 = 35 [owns firm 1]

2: l2 = 60 [owns firm 2]

Let labor be numerals, so w = 1 Rupiah.

Find px and py.

Use market clearing conditions, e.g. S = D in goods

market (X = x1+x2, Y = y1+y2).

By Walras law labor also clears (lx+ly = 95 = l1+l2)

Must show all computations and all steps.

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Reference no: EM132392149

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