Explain how in a two-inputtwo-output economy the allocation, Engineering Mathematics

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Explain how in a two-inputtwo-output economy the allocation

Question: Explain how, in a two-input/two-output economy, the allocation of resources might be improved if the (common) marginal rate of substitution for X and Y held by each of the two consumers were not equal to the marginal rate of transformation. By what mechanism is the condition (mrs = mrt) satisfied in a competitive equilibrium (CE)?

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Engineering Mathematics: Explain how in a two-inputtwo-output economy the allocation

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Engineering Mathematics: Explain how in a two-inputtwo-output economy the allocation

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