chapter_16General Equilibrium and Economic Efficiency演示教学.pptVIP

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chapter_16General Equilibrium and Economic Efficiency演示教学.ppt

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chapter_16General Equilibrium and Economic Efficiency演示教学.ppt

Chapter 1 94 102 105 105 109 110 114 115 121 52 60 60 61 62 63 64 65 66 67 68 69 70 74 76 77 77 78 79 80 81 82 83 84 84 85 86 87 88 94 98 99 Summary Because a competitive equilibrium need not be equitable, the government may wish to help redistribute wealth from rich to poor. An allocation of production inputs is technically efficient if the output of one good cannot be increased without increasing the output of some other good. Summary The production possibilities frontier measures all efficient allocations in terms of the levels of output that can be produced with a given combination of inputs. Efficiency in the allocation of goods to consumers is achieved only when the MRS of one good for another in consumption is equal to the MRT of one good for another in production. Summary Free international trade expands a country’s production possibilities frontier. Competitive markets may be inefficient for one or more of four reasons. End of Chapter 16 General Equilibrium and Economic Efficiency 1 2 2 3 2 4 5 5 6 19 19 20 21 22 23 23 25 26 28 29 34 35 39 39 39 43 47 48 50 51 Production Possibilities Frontier Food (Units) Clothing (units) 60 100 OF OC A B C D B 1C 1F D 2C 1F MRT = MCF/MCC The marginal rate of transformation (MRT) is the slope of the frontier at each point. Efficiency in Production Output Efficiency Goods must be produced at minimum cost and must be produced in combinations that match people’s willingness to pay for them. Efficient output and Pareto efficient allocation Occurs where MRS = MRT Efficiency in Production Assume MRT = 1 and MRT = 2 Consumers will give up 2 clothes for 1 food Cost of 1 food is 1 clothing Too little food is being produced Increase food production (MRS falls and MRT increases) Indifference Curve Output Efficiency Food (Units) Clothing (units) 60 100 Production Possibilities Frontier MRS = MRT C How do you find the MRS = MRT combination with many consumers who have different indifference curves? Efficiency in Production Efficiency