范里安微观经济学(第九版)chapter13

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1、Chapter13GeneralEquilibriumTopicstobeDiscussedGeneralEquilibriumAnalysisEfficiencyinExchangeEquityandEfficiencyEfficiencyinProductionTopicstobeDiscussedTheGainsfromFreeTradeAnOverview:TheEfficiencyofCompetitiveMarketsWhyMarketsFailGeneralEquilibriumAnalysisUptothispoint,wehavebeenfocu

2、sedonpartialequilibriumanalysisActivityinonemarkethaslittleornoeffectonothermarketsMarketinterrelationshipscanbeimportantComplementsandsubstitutesIncreaseinfirms’inputdemandcancausemarketpriceoftheinputandproducttoriseGeneralEquilibriumAnalysisTostudyhowmarketsinterrelate,wecanusegene

3、ralequilibriumanalysisSimultaneousdeterminationofthepricesandquantitiesinallrelevantmarkets,takingintoaccountfeedbackeffectsThefeedbackeffectisthepriceorquantityadjustmentinonemarketcausedbypriceandquantityadjustmentsinrelatedmarketsEfficiencyinExchangeWeshowedbeforethatcompetitivemar

4、ketsareefficientbecauseconsumerandproducersurplusesaremaximizedWecanstudythisinmoredetailbyexamininganexchangeeconomyMarketinwhichtwoormoreconsumerstradetwogoodsamongthemselvesSamefortwocountriesEfficiencyinExchangeAnefficientallocationofgoodsisonewherenoonecanbemadebetteroffwithoutma

5、kingsomeoneelseworseoffParetoefficiencyVoluntarytradebetweentwopartiesismutuallybeneficialandincreaseseconomicefficiencyGainfromTradeAssumptionsTwoconsumers(countries)TwogoodsBothpeopleknoweachother’spreferencesExchanginggoodsinvolveszerotransactioncostsJamesandKarenhaveatotalof10unit

6、soffoodand6unitsofclothingGainfromTradeTodetermineiftheyarebetteroff,weneedtoknowthepreferencesforfoodandclothingIndividualInitialEndowmentTradeFinalAllocationJames7F,1C-1F,+1C6F,2CKaren3F,5C+1F,-1C4F,4CGainfromTradeJames’MRSoffoodforclothingisonly½Hewillgiveup½unitofclothingfor1unito

7、ffoodKarenhasalotofclothingandlittlefoodMRSoffoodforclothingis3Toget1unitoffood,shewillgiveup3unitsofclothingGainfromTradeThereisroomfortradeJamesvaluesclothingmorethanKarenKarenvaluesfoodmorethanJamesKareniswillingtogiveup3unitsofclothingtoget1unitoffood,butJamesiswillingtotakeonly½u

8、nitof