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Question Description
1 General equilibrium with two-person exchangeConsider an economy populated by two consumers indexed by = {1,2}. Let = ( 1 , 2 )denote person ’s initial allocation (endowments) of goods 1 and 2. Assume 1 = (13,1) and 2 = (1,13). Each individual has an identical utility function given by ( 1 , 2 ) = 2 ln 1 + 2 ln 2
(a) Draw an Edgeworth box for this economy. Mark a point that corresponds to the initialallocation.
(b) Provide a brief verbal definition of Pareto efficiency. Argue that this definition isformally equivalent to the equality of the agents’ marginal rates of substitution.
(c) Determine whether the initial allocation is Pareto efficient.
(d) Provide a brief definition of the contract curve. Without any formal derivation, illustratehow the contract curve would be derived in the context of an Edgeworth box.
(e) What are the implications with regard to economic efficiency of any competitiveequilibria that might be reached in the context of this economy?
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