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Consider an economy with two individuals, one consumption good, ????, and two time periods. The consumption good is fully perishable in one period. Jacob, ????, is a student with endowment of zero units of ???? in the first period and 1000 units of ???? in the second period. Walter, ????, is a child actor who has an endowment of 1000 units of ???? in the first period and no units of ???? in the second period. Jacob and Walter can borrow from and lend to each other at interest rate of ????. Their utility functions are identical and given by: Ui (c1, c2) = ln(c1) + bln(c2) for i=j, wSuppose that b=1/2. Jacob and Walter are subject to trading within the constraints of a competitive market (there are no other individuals in this market besides Jacob and Walter but they both behave as if the market is competitive. List the equations that characterize the competitive Please provide a detailed working in response.
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