6Please make it explanatory 2. Find a Walrasian equilibrium in the following pure exchange economies:(a)u1 (x1)log x +log x, wi = (6,6)%3Du2(x2)log x+log x3, wz = (3,6)(b)u1(x1) = log x + log xỉ, wi = (7,1)u2(x2) %3D min{x}, x글}, az%3 (1,7)(Hint: You can let the price p2 of good 2 be p2 = 1 without loss of generality.)%3D

Answered: Image /qna-images/answer/41c81965-25a2-42a5-af1b-13723a9e02b0.jpg

2. Find a Walrasian equilibrium in the following pure exchange economies: (a) (9ʻ9) = !m 'tr8o + fr 801 = (!x) In 1 u2(x2) =log x+ log x3, w2 = (3,6) %3D (b) u1(x1) = log x +log xỉ, wi = (7,1) uz(x2) = min{x3, x3}, wz= (1,7) (Hint: You can let the price p2 of good 2 be p2 = 1 without loss of generality.)

2. Find a Walrasian equilibrium in the following pure exchange economies: (a) (9ʻ9) = !m 'tr8o + fr 801 = (!x) In 1 u2(x2) =log x+ log x3, w2 = (3,6) %3D (b) u1(x1) = log x +log xỉ, wi = (7,1) uz(x2) = min{x3, x3}, wz= (1,7) (Hint: You can let the price p2 of good 2 be p2 = 1 without loss of generality.)

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 9WNG

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