Equilibrium price. Equilibrium allocation: x=xi(p,p·w2), Note: A p* for any >0 is also an equilibrium price. Offer curve: (p)(p, p. w;). The equilibrium is the intersection point of the offer curves. Excess demand function:

Optimization See Sydsaeter(2005, Chapters 2, 3)and Chiang(1984, Chapters 9, 11, 12 and 21) Positive definite matrix Definite matrices are directly related to optimization. A symmetric matrix A is positive semi- definite(A≥0) if rAr≥0,Vx; positive definite(A>0)

Problem set 2 Micro Theory S. Wang Question 2. 1. You have just been asked to run a company that has two factories produc ing the same good and sells its output in a perfectly competitive market. The production

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