The question about how the different economic units such as consumers, governments, and enterprises operate in a competitive markets und make the decisions under conditions of limited amounts of resources is a main subject of studies of the economic science. The lack of resources has turned into a vexed problem in recent years, while people’s desires keep increasing.
In order to deal with such a conflict, these three basic questions should be answered by economic systems: What services and goods should be produced and in what quantities? How should these services and goods be produced? Who would be the end customers of such services und goods and how should these should be distributed? Microeconomic theory defines and models an economic activity as an interaction of individuals (economic agents) pursuing their private interests.
Considering different microeconomic processes for better understanding the principles of the whole economy we are interested in how the goods are distributed among consumers within different markets. What condition markets’ outcomes, i.e. prices of goods and services and quantities traded, are agents’ behavioral characteristics and the market mechanisms, described of law of supply and demand. It is common to divide two large and groups of agents - households and firms, each of them plays its own role in the market.
Table of contents
Prologue
Part I. General Equilibrium in a Pure Exchange Economy
1.1. Positive Analysis
1.1.1 Pure Exchange Economy
1.1.2. Walras’ Law and the Walrasian Equilibrium: Definitions
1.1.3 Existence of Walrasian Equilibrium
1.1.4 Uniqueness of Walrasian Equilibrium
1.1.4 Stability of Walrasian Equilibrium
1.2. Normative Analysis: Welfare Economics
1.2.1 The First Fundamental Theorem of Welfare Economics and Its Implication
1.2.2 The Second Fundamental Theorem of Welfare Economics and Its Implication
Part II : General Equilibrium with Production
2.1. Positive Analysis : Walrasian Equilibrium with Production
2.2. Welfare Economics
Conclusions
List of references
List of internet sources
- Citar trabajo
- Dipl.-Ing. Dipl.-Wirt.Ing. Siamak Hadifar (Autor), 2017, The Walrasian General Equilibrium Theory, Múnich, GRIN Verlag, https://www.grin.com/document/421918
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