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  3. 3. demonstrate that walras law holds as an identit

3. Demonstrate that Walras Law holds as an identity (i.e., it will be valid with...

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3. Demonstrate that Walras Law holds as an identity (i.e., it will be valid with any set of prices)

1. Consider a 3-consumer, 3-commodity exchange economy. Index the consumers as a,b,c and commodities as 1,2,3. Use the letter e to indicate endowments, x to indicate commodities, and p to indicate prices. Also use superscript for commodities and subscripts for consumers. For example, the endowment of commodity 1 held by consumer a should be denoted as ea1. NOTE: DO NOT USE THE SIGN. USE THE NORMAL "+" SIGN FOR ADDITONS. You have to write out the elements of each vector in your equation using the appropriate notation as described above. For example, if x is a (31) vector and if its elements are denoted as x1,x2,x3, you should write x1x2x3

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