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General Equilibrium

  • Michael R. Hammock
  • J. Wilson Mixon
Chapter
  • 1.6k Downloads

Abstract

This chapter develops a model of a perfectly competitive economy. It does so from a viewpoint of general equilibrium, rather than examining subsets of the economy. The chapter begins with production and then addresses consumption. General equilibrium values for quantities produced, product prices, and input prices are determined.

Keywords

Gross Domestic Product Demand Curve Supply Curve Indifference Curve Welfare Maximizer 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

References

  1. 1.
    Bator FM (1957) The simple analytics of welfare maximization. Am Econ Rev 47:22–59Google Scholar

Copyright information

© Springer Science+Business Media, LLC 2013

Authors and Affiliations

  • Michael R. Hammock
    • 1
  • J. Wilson Mixon
    • 2
  1. 1.Department of Economics and FinanceMiddle Tennessee State UniversityMurfreesboroUSA
  2. 2.Berry CollegeMount BerryUSA

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