(1) Discuss in much detail the competitive general equilibrium model for a pure exchange economy and explain why consumers want to trade when consumers have1. Cobb Douglas utilities, 2. Perfect substitutes. 3. Perfect complement utilities,(2) Explain how you would introduce production into the general equilibrium model and show why an economic equilibrium is Pareto efficient.(3) Discuss the relationship between the general equilibrium model (chapter 10) and the partial equilibrium model (chapters 1-9).
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