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CONCORDIA UNIVERSITY ECON 616: Macroeconomics II Homework Assignment 1 due Wednesday, January 15, 13:00 Consider a one-period endowment economy with...

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CONCORDIA UNIVERSITY ECON 616: Macroeconomics II Homework Assignment 1 due Wednesday, January 15, 13:00 Consider a one-period endowment economy with two consumers (1 , 2) and two goods ( x,y ). Total endowment of the economy is ( ω x y ) where ω x = 2 ω y . Consumer preferences are given by the following utility functions u ( x,y ): A. x 0 . 5 + y 0 . 5 B. x 2 + y 2 C. x + y D. min { x,y } E. max { x,y } F. y - x Using an Edgeworth box, draw indifference curves and graphically indicate all Pareto optimal allocations for each case of preferences for consumers 1 and 2 listed below: 1. A and C 2. B and C 3. D and D 4. C and F 5. D and E 1
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