Question: This Problem is from "Advanced Microeconomic Theory – Geoffrey Jehle, Philip Reny"

30 Apr Question: This Problem is from “Advanced Microeconomic Theory – Geoffrey Jehle, Philip Reny”

Posted at 18:49h in 2Past Paper by Exams

5.39 (Cornwa In an economy with two types of consumer, each type has the respective utility function and endowments: u24m.xz) =xīx2 and e2 = (2. 8) (a) Draw an Edgeworth box for this economy when there is one consumer of each type. (b) Characterise as precisely as possible the set of allocations that are in the core of this two-consumer economy. (c) Show that the allocation givingx(4,4) and x2 (6,6) Is in the core. (d) Now replicate this economy once so there are two consumers of each type, for a total of four consumers in the economy. Show that the double copy of the previous allocation, giving x1 x12 (4, 4) and x21-x22-(6, 6), Is not in the core of the replicated economy.

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Question: This Problem is from “Advanced Microeconomic Theory – Geoffrey Jehle, Philip Reny”