Assume there are 20 identical individuals with a utility, Business Economics

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Assume there are 20 identical individuals with a utility

Assume there are 20 identical individuals with a utility function U (x, y) = squareroot xy and income I = I $100. Also, assume that the price for good y is p_y = 4. Furthermore, assume there are 10 identical firms producing good x and using a production function q = squareroot t (i.e., production only depends on labor). Also, assume that the price of labor is w = $0.5. What is the equilibrium price and quantity in this market?

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Business Economics: Assume there are 20 identical individuals with a utility

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