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Question 1 a-c on equilibrium and utility, file attached

This question was answered on Jan 29, 2013. View the Answer
Question 1 a-c on equilibrium and utility, file attached
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(a) We have eBR=3 and eCR=7; eBF=3 and eCF=7.
Their utility function is given by,
UR(BR,CR) = B1/2C1/2; UF(BF,CF) = B1/2C1/2.
Let pB be the price of bananas and pC be the price of coconuts.
With...

This question was asked on Jan 27, 2013 and answered on Jan 29, 2013.

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