Top Posters
Since Sunday
7
n
3
j
3
o
2
x
2
c
2
2
p
2
n
2
3
2
C
2
z
2
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
pirex pirex
wrote...
Go to Answer
Posts: 634
Rep: 13 1
6 years ago
Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 20 units of clothing but no food. Suppose each has the utility function U = F * C. The price of clothing is always $1. If the price of food is $3, does a competitive equilibrium exist? If not, what will happen to the price of food?
Textbook 
Microeconomics

Microeconomics


Edition: 6th
Author:
Read 65 times
1 Reply
And if you call, I will answer
And if you fall, I'll pick you up
And if you court this disaster
I'll point you home
Replies
Answer verified by a subject expert
TecShdwTecShdw
wrote...
#1
Posts: 432
Rep: 0 0
6 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
This verified answer contains over 100 words.
1

Related Topics

pirex Author
wrote...

6 years ago
This calls for a celebration Person Raising Both Hands in Celebration
shelbycox
wrote...

Yesterday
Correct Slight Smile TY
decibul
wrote...

2 hours ago
This site is awesome
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  954 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 265
  
 809
  
 231
Your Opinion
What's your favorite funny biology word?
Votes: 329
Previous poll results: Should Ph.D.'s be addressed as doctors?