Maurice Tutor

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Category > Management Posted 13 Jan 2018 My Price 7.00

competitive markets

In a two-good, two-consumer economy, utility functions are

Total endowments are (10, 20).

(a) A social planner wants to allocate goods to maximise consumer 1’s utility while holding consumer 2’s utility at u2 = 8000/27. Find the assignment of goods to consumers that solves the planner’s problem and show that the solution is Pareto efficient.

(b) Suppose, instead, that the planner just divides the endowments so that e1 = (10, 0) and e2 = (0, 20) and then lets the consumers transact through perfectly competitive markets. Find the Walrasian equilibrium and show that the WEAs are the same as the solution in part (a).

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Maurice Tutor
(5)
Status NEW Posted 13 Jan 2018 07:01 PM My Price 7.00

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