題組內容

IV. Consider a series of two-person two-commodity exchange economy. In each case, the two agents have the same endowments: each has one unit of good 1, and one unit of good 2. We normalize the price of good 2 to \( p_2 = 1 \), and look for the competitive equilibrium, that is, both agents are price takers. Find out all, if any, of the equilibrium price of good 1, \( p_1^* \), according to the utility function specified in each case (where \( x_j^i \) denote Agent \( i \)'s consumption of good \( j \)).

2.______ (3%) Agent \( J \) has a utility function \( u^J = \min\{x_1^J, x_2^J\} \); Agent \( K \) has a utility function \( u^K = \max\{x_1^K, x_2^K\} \).