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| Subject:
MICROECONOMIC THEORY PROBLEM
Category: Business and Money > Economics Asked by: aahamed_83-ga List Price: $15.00 |
Posted:
14 Mar 2006 14:22 PST
Expires: 13 Apr 2006 15:22 PDT Question ID: 707300 |
This problem is quite specific and will help me to study for an
upcoming exam. (Complete solutions will be greatly appreciated!)
"Suppose there are 2 industries for goods X and Y, with technologies
represented by X=min{2l,k} and Y=l+k, where l and k are the two
factors of production. Suppose there is one consumer with preferences
represented by u(x,y)=x^(1/3)y^(2/3) who supplies the inputs
(perfectly-)inelastically and has an endowment of (l,k)=(8,24). What
is the competitive equilibrium for this economy?" |
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