Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 3. demonstrate that walras law holds as an identit

3. Demonstrate that Walras Law holds as an identity (i.e., it will be valid with...

90.2K

Verified Solution

Question

Accounting

image

3. Demonstrate that Walras Law holds as an identity (i.e., it will be valid with any set of prices)

1. Consider a 3-consumer, 3-commodity exchange economy. Index the consumers as a,b,c and commodities as 1,2,3. Use the letter e to indicate endowments, x to indicate commodities, and p to indicate prices. Also use superscript for commodities and subscripts for consumers. For example, the endowment of commodity 1 held by consumer a should be denoted as ea1. NOTE: DO NOT USE THE SIGN. USE THE NORMAL "+" SIGN FOR ADDITONS. You have to write out the elements of each vector in your equation using the appropriate notation as described above. For example, if x is a (31) vector and if its elements are denoted as x1,x2,x3, you should write x1x2x3

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

The shadow of a vertical tower is 78.0 ft long when the angle of elevation...

Finance
1.2K views

How merger and acquisition enhance the value of company. please provide 6 idea and explain the...

Operations Management
1.2K views

Describe the major provisions of worker's compensation laws. Based on this information, do you feel it...

Biology
1.2K views

Considering the age of the various segments of an annelid such as an earthworm each...

Physics
1.2K views

Two identical thin rings each of radius 10 cm carrying charge 10 C and C...

Physics
1.2K views

that is 50 mm thick Use shear strength as 350 MN m and 22 7...

Basic Math
1.2K views

Use a calculator to evaluate an ordinary annuity formula nt A A m 1 r...

Basic Math
1.2K views

Suppose a designer has a palette of 9 colors to work with, and wants to...

Accounting
1.2K views

Recording Prepaid Rent would be an example of a(n) O A....

Accounting
1.2K views

Construct a time series plot. DC What type of pattern exists in the data? The...

Accounting
1.2K views

FORco, a foreign corporation, decides to open a sales offi ce in the United States....

Accounting
1.2K views

The complexity and uniqueness of the federal government makes it difficult to conduct a meaningful...