Econ100B Lecture15 - 5-29

Econ100B Lecture15 - 5-29 - Economics 100B: Lecture 15 S....

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Economics 100B: Lecture 15 S. Nageeb Ali May 29, 2008
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Economics 100B: May 29, 2008 Administrative s CAPE b Tuesday 6/3 s Bring #2 Pencils s Final Exam b No notes out: bring backpack or hand me lecture notes b Any notes, even closed notebook / textbook out, automatic F
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Economics 100B: May 29, 2008 Slope of Indifference Curve
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Economics 100B: May 29, 2008
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Economics 100B: May 29, 2008 Edgeworth Box: Contract Curve
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Economics 100B: May 29, 2008 Tangency of Indifference Curve
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Economics 100B: May 29, 2008 Competitive Equilibrium s Recall that from consumer maximization: s So, in a competitive eqm, condition for efficiency holds
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Economics 100B: May 29, 2008 Competitive Equilibrium
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Economics 100B: May 29, 2008 First Theorem of Welfare Economics Any competitive equilibrium is Pareto efficient . s Markets create opportunities for exchange that lead to efficiency s Pareto efficiency: everyone can’t be made strictly better off b Weak criterion : Not sensitive to inequality
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Economics 100B: May 29, 2008 Competitive Equilibrium
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Econ100B Lecture15 - 5-29 - Economics 100B: Lecture 15 S....

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