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Chapter7EfficiencyandExchangeCopyrightc2009byTheMcGraw-HillCompanies,Inc.?Allrightsreserved.
MarketEquilibriumandEfficiencyWhatdoyouthink?Aremarketsalwaysefficientandequitable?
MarketEquilibriumandEfficiencyAmarketequilibriumisefficient……ifpriceandquantitytakeanyotherthantheirequilibriumvalues,atransactionthatwillmakeatleastsomepeoplebetteroffwithoutharmingotherscanalwaysbefound.
AMarketinWhichPriceIs
BelowtheEquilibriumLevel2.50Quantity(1,000sofgallons/day)Price($/gallon)123452.001.501.00.50DS
HowExcessDemandCreatesOpportunityforaSurplus-EnhancingTransaction2.50Quantity(1,000sofgallons/day)Price($/gallon)DS123452.001.501.00.501.25IfP=$1thenQS=2,000gallons/dayAt2,000gallonstheconsumeriswillingtopay$2andtheMC=$1Ifthebuyerpays$1.25foranextragallon,produceris$.25betteroff,andtheconsumeris$.75betteroff,oreconomicsurplusincreasesby$1.00At$1,themarketisnotefficient
HowExcessSupplyCreatesOpportunityforSurplus-EnhancingTransactionQuantity(1,000sofgallons/day)Price($/gallon)DS123452.502.001.501.00.501.75IfP=$2thenQD=2,000gallons/dayAdditionaloutputcostsonly$1Thisis$1lessthanabuyerwouldpayIfthebuyerpaystheseller$1.75,thebuyergainsaneconomicsurplusof$0.25thenthesellergainsaneconomicsurplusof$0.75
MarketEquilibriumandEfficiencyObservationsonEfficiencyWhenpriceisaboveorbelowtheequilibrium,thequantityexchangedwillbebelowtheequilibrium.Theverticalvalueonthedemandcurve(marginalbenefit)isgreaterthantheverticalvalueonthesupplycurve(MC).Onlytheequilibriumwillmaximizeeconomicsurplus.
Marketswillbeefficientwhen:Buyersandsellersarewellinformed.Marketsareperfectlycompetitive.Supplymeasuresallrelevantcosts.Demandmeasuresallrelevantbenefits.MarketEquilibriumandEfficiency
Whatdoyouthink?Isefficiencytheonlygoal?Whyshouldeffi
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