This question is different from the previous one. Consider two consumers, A and B, who consume two goods, x and y. Each consumer spends half of their income on each good. The price of y is fixed at $1. Assume that the demand functions for each good from each consumer are the following: x УА ХВ 10p+10 2P 10p+10 2 30p+10 2PT 30px +10 УВ 2 Find the equilibrium price of x in this scenario. Round to the nearest .01, if necessary. Hint: you can see the endowments in the demand curves.
This question is different from the previous one. Consider two consumers, A and B, who consume two goods, x and y. Each consumer spends half of their income on each good. The price of y is fixed at $1. Assume that the demand functions for each good from each consumer are the following: x УА ХВ 10p+10 2P 10p+10 2 30p+10 2PT 30px +10 УВ 2 Find the equilibrium price of x in this scenario. Round to the nearest .01, if necessary. Hint: you can see the endowments in the demand curves.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 9QP
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