Question: 3. (12 points) Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of

3. (12 points) Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 5 units of good X and 9 units of good Y. Consumer B is given an initial endowment of 3 units of good X and 7 units of good Y. Consumer A's utility function is given by: UA(X, Y) = X12#Y12, And consumer B's utility function is given by Crop one question at a time U.(X, Y) = X34#Y 1/4 a) (8 points) Suppose the price of good Y is equal to one. Calculate the price of good X that will lead to a competitive equilibrium. PX =

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