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How do we solve for competitive equilibrium?

 
 
Reply Mon 30 May, 2016 05:59 am
2 consumers - 1 & 2
2 commodities - bicycles (b) and wheat (w)
same utility function - u(b,w) = bw.
Produced by 2 firms using only labour.
Production functions: b=sqrt(l_b) and w=0.5*sqrt(l_w).
Both firms are owned by consumer 1 and consumer 2 owns 200 units of labour.
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