ECON201B 2006 PS6

ECON201B 2006 PS6 - Economics 201B 2nd Half - Spring 2006...

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Problem Set 6 Economics 201B 2nd Half - Spring 2006 Due Thursday, 4 May in Lecture 1. Let A R L be an non-empty open set. Show that A does not have Lebesgue measure zero. 2. Consider the equilibrium correspondence E : R LI + ! 2 R L 1 ++ E ( ! ) = f ^ p 2 R L 1 ++ : z (^ p; ! ) = 0 g , and complete the exercise on the second to last page of Lecture Notes #11. That is, taking it as given that E has a closed graph: (a) show that E is upper hemi-continuous. Hints: You solved a similar problem in we can±t have prices on the boundary, so showing that E is uhc is more di¢ cult. (b) having established the upper hemicontinuity of E , show that the set of endow- ments that generate critical economies (i.e. the set
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ECON201B 2006 PS6 - Economics 201B 2nd Half - Spring 2006...

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