4(b) In an Edgeworth box economy, do the following: a. Sketch a situation where preferences are neither convex nor strictly monotonic and there is no Walrasian equilibrium. b. Sketch a situation where preferences are neither convex nor strictly monotonic yet a Walrasian equilibrium exists nonetheless. C. Repeat parts (a) and (b), but this time assume preferences are not continuous.
4(b) In an Edgeworth box economy, do the following: a. Sketch a situation where preferences are neither convex nor strictly monotonic and there is no Walrasian equilibrium. b. Sketch a situation where preferences are neither convex nor strictly monotonic yet a Walrasian equilibrium exists nonetheless. C. Repeat parts (a) and (b), but this time assume preferences are not continuous.
Automotive Technology: A Systems Approach (MindTap Course List)
6th Edition
ISBN:9781133612315
Author:Jack Erjavec, Rob Thompson
Publisher:Jack Erjavec, Rob Thompson
Chapter3: Basic Theories And Math
Section: Chapter Questions
Problem 2RQ: In what four states does matter exist? Cite examples of each.
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