good 挨y埃?РР绊c) Suppose al懊l the goods p傲roduced by th哎is firm are b盎ought by iden扒tical individ跋uals whose pr耙eferences are啊 given by the蔼 utility func半tion 颁U 瓣where 绊U皑(阿x稗, y稗) = 昂x俺α唉y艾1-α搬. They pay 爸p靶x 版and 摆p埃y 澳for goods 罢x 挨and 败y 俺respectively.傲 Using the co肮nsumer’s opti唉mization prob氨lem, express 暗the equilibri瓣um price rati斑o 奥p把x 碍/ 矮p奥y 瓣in terms of 案x案, 肮y 按and α. РР昂Following gra败ph is the昂 懊“跋Circular Flow岸 of Economic 搬Life般”芭, answer the 败questions bel搬ow the graph.РРРР8РРConsumersРFirmsРProductРMarketsРFactorРMarketsРCircular Flow of Economic LifeР1Р2Р3Р4РР拌What are the 肮four parts 澳and their opt氨imal decision挨 principles 懊in the 暗“艾Circular Flow捌 of Economic 鞍Life八”啊?Р袄I把llustrate the岸 partial equi袄librium and t矮he general eq傲uilibrium懊 and their re疤lation briefl癌y.
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