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Midterm Review Notes

Midterm Review Notes - Households Continuous tastes can be...

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R N Limits in R N Closed sets in R N Compact Sets in R N Continuous Functions in R N Image of a compact set under a continuous mapping is compact: A continuous real-valued function on a compact set achieves its maximum Convex Sets in R N Brouwer FPT Firms: Compact strictly convex technology Continuous profit maximizing behavior yields continuous supply function
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Unformatted text preview: Households: Continuous tastes can be represented by a continuous utility function Continuous demand: Adequacy of income, continuous preferences Existence of General equilibrium: Continuous excess demand function Walras Law 1 st Fundamental Theorem of Welfare Economics...
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