Business, 28.11.2019 06:31 ily50

Alittle exchange economy has just two consumers, named ken and barbie, and two commodities, quiche and wine. ken's initial endowment is 3 units of quiche and 2 units of wine. barbie's initial endowment is 1 unit of quiche and 6 units of wine. ken and barbie have identical utility functions. we write ken's utility function as, u(qk, wk) = qkwk and barbie's utility function as u(qb, wb) = qbwb, where qk and wk are the amounts of quiche and wine for ken and qb and wb are amounts of quiche and wine for barbie.

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Alittle exchange economy has just two consumers, named ken and barbie, and two commodities, quiche a...

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