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3 General Equilibrium I Suppose there exists two types of agents in the economy : mangers and workers . The number of manger is En and the number of...
what is the answer about this question, regarding general equilibrium.
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3 General Equilibrium ISuppose there exists two types of agents in the economy : mangers and workers . The number of manger is En and thenumber of workers are No ( to and No are given ( they are parameters ! ) )A representative firm sell goods in the competitive market , with technologyV = ARONI - Qwhere I and N are the numbers of mangers and workers firm lines . Firm pays each manger salary , and each workersalary w. All the markets are assumed to be competitive . The goods price Pis normalized to be ISpecify firm's profit maximization problem and efficiency conditionsSpecify the market clearings conditionsSolve equilibrium prices w I and the total outputy . ( Note : The exogenous variables are a , Fo No )