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Assume an economy where both agents see the goods as perfect compliments at a ratio of one to one. What do the indifference curves look like? Assume an equal supply of each good. Show via an edge worth box, the Contract Curve. Assume the endowment is split evenly between both George and Harriet (and 2 units of each good overall). Find the equilibrium quantities. What is the set of possible equilibrium prices? Now assume that George has an additional unit of good 1. So there is an extra amount of good1 in the overall economy. Repeat the analysis.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91229184

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