Exchange, Microeconomics homework help

Question description

A little exchange economy has just two consumers, named Kirikou and Bouba, and two commodities, quiche and wine. Kirikou’s initial endowment is 6 units of quiche and 6 litres of wine. Bouba’s initial endowment is 15 unit of quiche and 3 litres of wine. Kirikou and Bouba have identical utility functions which are given by U(Q,W)= Q1/3W3/4. Let price of q equal Pq=1. As the numeraire.How much wine will Kirikou Consume? What about Bouba?I know the that Price of Wine equal 7. Just don’t understand the what the final allocation is.

Exchange, Microeconomics homework help

Question description

A little exchange economy has just two consumers, named Kirikou and Bouba, and two commodities, quiche and wine. Kirikou’s initial endowment is 6 units of quiche and 6 litres of wine. Bouba’s initial endowment is 15 unit of quiche and 3 litres of wine. Kirikou and Bouba have identical utility functions which are given by U(Q,W)= Q1/3W3/4. Let price of q equal Pq=1. As the numeraire.How much wine will Kirikou Consume? What about Bouba?I know the that Price of Wine equal 7. Just don’t understand the what the final allocation is.

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