# ECO206Y1 Lecture Notes - Lecture 2: University Of Petroleum And Energy Studies, One Economy Corporation, Competitive Equilibrium

## Document Summary

1 true one by one by one economy. There is one consumer who only cares about the amount of goods x she consumes. She has 12 units of labor as endowment, and each unit of labor can be directly converted into one unit of good x: find the competitive equilibrium. 2 cobb douglas one by two by one economy. This is usual consumption leisure choice model in eco208. There is only one good x, but it is possible to treat leisure as the other good y. The utility u (x, y) = x y. Use the production functions fy (l) = 12 l and fx (l) = l2: find the competitive equilibrium. 3 complement one by two by one economy. Consider the same economy in the previous question with u (x, y) = min{x, y} and fx (l) = 2 l: find the competitive equilibrium. 4 another simple two by two by two.