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Lecture 13

ECON 1100 Lecture 13: econ-1100-lecture-notes-13

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University of Pittsburgh
ECON 1100
Huffman David

03/28/17 Outline Pareto at PC equilibrium ebbecionoz Gen . E equilibrium pareto efbewenoy Pareto Ebbewenoy Def ( Pareto ) Pninupw That That status srowety should yawn changes some 010 help hunting anyone Def c Panew Improvements in allocation that makes better change of goods some off who hunting anyone Def ( Pareto Ebbewewt ) there is That no no possible Pareto improvement ofnom point This That equilibrium in a Pc mat . is P . effecuecrt Wimphis this Is blc Pc Total equilibrium maximizes surplus In PC mhts , people can swap surpluses so, we must increase total if we can surplus Wen . E P. of a Pc equilibr''m ebbewenoy economy banter " swinpw economy Of Two : J D people , . : . ( .- 20 60 Two goods candy Cj , cd= ) 580 : 50 = Wood Cwj = 30 , Wa 20 ) W W at June W Denise W so - no . . . - ! , in \ ---#e : 1 \ y 1 6 go C 60 c He MR§j ¥ MRS @ then leader To a P. , trading vhipnovemewt =3 Suppose
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