ECON 3101 – Intermediate Microeconomics
中级微观经济学作业代写 Section: General Equilibrium This section, General Equilibrium, has 2 questions. Choose one of them to answer. Note, the question you decide to
Section: General Equilibrium
This section, General Equilibrium, has 2 questions. Choose one of them to answer. Note, the question you decide to choose, independently of which, is worth 20 points.
Show all your work for full credit. Clearly identify your fifinal answer. Show any relevant calculations neatly.
Question 1 中级微观经济学作业代写
Consider a pure exchange economy where two agents, 1 and 2, are able to trade 2 goods, x and y.
Agents have the following endowments:
Answer the following questions:
- Set up each agents’ maximization problem and obtain theirMarshallian demand as a function of market prices (px, py): (Points: 4)
- Compute the market demand for each good. (Points: 4)
- Use the equations you obtained above to find the ratio of price such that excess demand is zero for both markets (i.e., the equilibrium price ratio). (Points: 6)
- Given the price ratio found above, calculate the equilibrium allocations and show that feasibility, individual rationality, and Pareto efficiency hold. (Points: 6)
Question 2 中级微观经济学作业代写
Consider two agents with perfectly substitute preferences represented by the following utility functions:
- Set up an Edgeworth box and represent the following items: (Points: 14)
- axis for each agent;
- the endowment point;
- the indifference curves that go through the endowment point;
- the set of individually rational allocations;
- the contract curve;
- and the core.
Notice, use colors and patterns to clearly represent all elements.
- If agents were given the opportunity to trade their endowment for each of the bundles below, would they be willing to do so? Explain why or why not.
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