In a pure exchange economy with two goods, G and H, the two traders have Cobb-Douglas utility
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In a pure exchange economy with two goods, G and H, the two traders have Cobb-Douglas utility functions. Suppose that Tony's utility function is Ut = GtHt and Margaret's utility function is Um = Gm(Hm)2. Between them, they own 100 units of G and 50 units of H. Solve for their contract curve?
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The contract curve is where each individuals MRS are equal to each o...View the full answer
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Related Book For 
Microeconomics Theory and Applications with Calculus
ISBN: 978-0133019933
3rd edition
Authors: Jeffrey M. Perloff
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