Consider an exchange economy in which

by | Mar 18, 2020 | Uncategorized

  

Consider an exchange economy in which there is a commodity l such that

(a) household 1 owns (i.e. is endowed with) only commodity l and likes only commodity l .

(b) households 2; : : : ;H each own commodity l but none of them like commodity l .

Show that a CE doesn’t exist.

  

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