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[Week 7-3] General Equilibrium IIIMicroeconomics

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    • Category : Social Sciences > Economics & Finance
    • Taught by : Jinhwan OH
    • Created By : Ewha Womans University
    • Offered By : Ewha Womans University
    • Date Added : 2022.11.08
    • Hits : 206
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    Introduces the First Fundamentatl Theorem of Welfare Economics in which equilibrlium in efficient under certain conditions, and visualize this on the Edgeworth Box using the contract cuve where MRS of the two people's utility functions are equalized. Briefly mentions the tradeoffs between efficiency and equality, and provide several examples based on different kinds of utility functions

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