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Webonly constraint is a budget constraint p1 e1 +p2 e2 =p1 c1 +p2 c2. We can normalize the price of one good to one (numeraire), so we set p1 = 1 and simply call the relative price of good 2 p = p2 / p1. The household then solves max u(c1,c2) s.t. e1 +pe2 =c1 +pc2 What exactly is a solution to the household problem? WebCommodity Standards The Commodity Standards used for decades in the wood preserving industry were based on specific solid sawn and round wood product … the greenhouse greencroft
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