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CHAPTER16OUTLINE16.1 GeneralEquilibriumAnalysis16.2 EfficiencyinExchange16.3 EquityandEfficiency16.4 EfficiencyinProduction16.5 TheGainsfromFreeTrade16.6 AnOverview—TheEfficiencyofCompetitiveMarkets16.7 WhyMarketsFail
GENERALEQUILIBRIUMANALYSIS16.1● partialequilibriumanalysisDeterminationofequilibriumpricesandquantitiesinamarketindependentofeffectsfromothermarkets.● generalequilibriumanalysisSimultaneousdeterminationofthepricesandquantitiesinallrelevantmarkets,takingfeedbackeffectsintoaccount.
GENERALEQUILIBRIUMANALYSIS16.1Whenmarketsareinterdependent,thepricesofallproductsmustbesimultaneouslydetermined.HereataxonmovieticketsshiftsthesupplyofmoviesupwardfromSMtoS*M,asshownin(a).Thehigherpriceofmovietickets($6.35ratherthan$6.00)initiallyshiftsthedemandforDVDsupward(fromDVtoD’V),causingthepriceofDVDstorise(from$3.00to$3.50),asshownin(b).TwoInterdependentMarkets:(a)MovieTicketsand(b)DVDRentalsFigure16.1TwoInterdependentMarkets—Movingto
GeneralEquilibrium
GENERALEQUILIBRIUMANALYSIS16.1Thehighervideopricefeedsbackintothemovieticketmarket,causingdemandtoshiftfromDMtoD’Mandthepriceofmoviestoincreasefrom$6.35to$6.75.Thiscontinuesuntilageneralequilibriumisreached,asshownattheintersectionofD*MandS*Min(a),withamovieticketof$6.82,andtheintersectionofD*VandSVin(b),withaDVDpriceof$3.58.TwoInterdependentMarkets:(a)MovieTicketsand(b)DVDRentalsFigure16.1(continued)TwoInterdependentMarkets—Movingto
GeneralEquilibrium
GENERALEQUILIBRIUMANALYSIS16.1ReachingGeneralEquilibriumTofindthegeneralequilibriumprices(andquantities)inpractice,wemustsimultaneouslyfindtwopricesthatequatequantitydemandedandquantitysuppliedinallrelatedmarkets.Forourtwomarkets,weneedtofindthesolutiontofourequations.Ifthegoodsinquestionar
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