Question suppose that robinson crusoe regards employment, Ask an Expert

Economics

Question: Suppose that Robinson Crusoe regards employment and goods as perfect substitutes on the demand side, and produces with a decreasing returns technology.

(a) Does the Crusoe economy have a competitive equilibrium?

(b) Illustrate the process whereby the Walrasian auctioneer adjusts real wages in order to find it.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M92313884

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