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ECON1001 - Microeconomics From Efficiency Perspective :...

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Several Market Situations  From Efficiency Perspective The ppt is a joint effort: Miss Angela Maria Han Lee  discussed the problem with Dr. Ka-fu WONG on 9th  October 2008; Angela Maria drafted the ppt; Ka-fu  revised it.  Use it at your own risks.  Comments, if any,  should be sent to [email protected]  Microeconomics Microeconomics
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Market Efficient ma Market Inefficient m
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The assumptions that imply the efficiency of  market equilibrium  If all costs of producing the good are borne directly by  sellers and all benefits from the good accrue directly to  buyers, the un-regulated market equilibrium quantity will  maximize total economic surplus.  Note that the assumption suggest the cost of producing the  good represented by the supply curve is the same as the  cost to the society and that the benefit from the good the  same as the benefit to the society. 
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