3. Find the competitive equilibrium price for good 1, as well as the equilibrium de- mand of each household, the equilibrium supply for each firm, the households' utility in equilibrium, the firms' equilibrium profits, the consumer surplus, the producer surplus, and the total surplus.
3. Find the competitive equilibrium price for good 1, as well as the equilibrium de- mand of each household, the equilibrium supply for each firm, the households' utility in equilibrium, the firms' equilibrium profits, the consumer surplus, the producer surplus, and the total surplus.
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.2P
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