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Market Efficiency

Market Efficiency

ECON1000 S2 2016 , Lecture 4 Chapter 4 Economic Efficiency Is efficient?. Market Efficiency. Is the market efficient? Does the market equilibrium maximise the total welfare of buyers and sellers?

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2.05k views • 58 slides
Appendix

Appendix

Appendix. Tools of Microeconomics. 1. The Marginal Principle. Simple decision making rule We first define: Marginal benefit (MB): the benefit of an extra unit of an activity Marginal cost (MC): the cost of an extra unit of an activity.

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390 views • 38 slides
Consumers, Producers, and the Efficiency of Markets

Consumers, Producers, and the Efficiency of Markets

7. Consumers, Producers, and the Efficiency of Markets. Consumer Surplus. Welfare economics How the allocation of resources affects economic well-being Willingness to pay Maximum amount that a buyer will pay for a good Consumer surplus Amount a buyer is willing to pay for a good

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494 views • 37 slides
Consumers, Producers, and the Efficiency of Markets

Consumers, Producers, and the Efficiency of Markets

7. Consumers, Producers, and the Efficiency of Markets. Consumer Surplus. Welfare economics How the allocation of resources affects economic well-being Willingness to pay Maximum amount that a buyer will pay for a good Consumer surplus Amount a buyer is willing to pay for a good

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490 views • 37 slides
Consumers, Producers, and the Efficiency of Markets

Consumers, Producers, and the Efficiency of Markets

7. Consumers, Producers, and the Efficiency of Markets. Consumer Surplus. Welfare economics How the allocation of resources affects economic well-being Willingness to pay Maximum amount that a buyer will pay for a good Consumer surplus Amount a buyer is willing to pay for a good

★ ★ ★ ★ ★

374 views • 37 slides
Consumers, Producers, and the Efficiency of Markets

Consumers, Producers, and the Efficiency of Markets

7. Consumers, Producers, and the Efficiency of Markets. Consumer Surplus. Welfare economics How the allocation of resources affects economic well-being Willingness to pay Maximum amount that a buyer will pay for a good Consumer surplus Amount a buyer is willing to pay for a good

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558 views • 32 slides

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