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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.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9687691

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