Plan. Pure exchange economiesDefinition of a Pareto Efficient allocationCompetitive equilibrium allocationFirst Welfare TheoremSecond Welfare TheoremProduction EconomiesProduction Possibilities frontierEquilibrium AllocationFirst Welfare Theorem. Exchange Economy . Imagine a world with two individuals, Ann and Bill, and two goods, clothing and food.Each of the individuals has an initial endowment represented as a pair (c,f) the quantities of clothing and food correspondingly.See Edgew140

General Equilibrium and Market Efficiency

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