In an exchange economy, there are two agents, A and B, and there are 320.00 total units of x and 320.00 total units of y. The two consumers have utility functions u^ (x, y) = x²y and u³ (x, y) = xy, respectively. Assume the initial endowments are @A = (160.00, 256.00) and B = (160.00, 64.00). Let p be the price of good y, and let the price of good x be 1. The competitive equilibrium value of p is answer to the nearest two decimals if needed.) (Round your
In an exchange economy, there are two agents, A and B, and there are 320.00 total units of x and 320.00 total units of y. The two consumers have utility functions u^ (x, y) = x²y and u³ (x, y) = xy, respectively. Assume the initial endowments are @A = (160.00, 256.00) and B = (160.00, 64.00). Let p be the price of good y, and let the price of good x be 1. The competitive equilibrium value of p is answer to the nearest two decimals if needed.) (Round your
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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