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LG11 - endowments 3 Be able to describe the trades that can...

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University of Wisconsin Department of Economics Economics 301: Intermediate Microeconomic Theory Korinna K. Hansen Learning Guide 11 Due Date: Wednesday, May 7, 2008 Reading Assignment: Varian Chapter 31 Problem Assignment: All problems (review questions) on page 589. Objectives: After completing the assignment you should be able to do the following: 1. Be able to define a partial and a general equilibrim in an economy. 2. Be able to describe the Edgeworth box with two people and two goods, and some initial
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Unformatted text preview: endowments. 3. Be able to describe the trades that can lead to Pareto efficient allocations and the contract curve. 4.Be able to describe mathematically and graphically a Walrasian equilibrium. 5. Be able to state and describe the first Welfare Theorem in Welfare economics 6. Be able to state and describe the second Welfare Theorem in Welfare economics....
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