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Canada (511,324)
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Economics (37)
ECON 2210 (30)
M.Yu (30)
Lecture

Efficiency.docx

3 Pages
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Department
Economics
Course Code
ECON 2210
Professor
M.Yu

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Description
Efficiency Efficiency means the gains from trade are maximized - Often refers to “technical” efficiency - DD can be viewed as a supply curve for Nelson - Supply curves are upwards because demand curves are sloping downwards - Alternative definition of efficiency is Pareto Optimality: a situation cannot be changed without making someone worse off, even if make someone better off Market Demand and Supply Curve - A market demand curve is a horizontal summation of the individual demand curves in a given market - Area un
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