class17 - -HOUSING MARKET UPDATENovember 2007.8.4% off peak...

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-HOUSING MARKET UPDATE- November 2007…8.4% off peak rojected Fall 15 0% Projected Fall…15-30% We have only hit the tip of iceberg. Learn more this Friday… aculty Seminar Series ______________ Faculty Seminar Series______________ The Subprime Market Meltdown obert Van Order Robert Van Order Former Freddie Mac Chief International Economist riday, March 14, 2008 Friday, March 14, 2008 3:00-4:00 PM Schorling Auditorium (School of Education Room 1202)
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lass 7 eview: Pareto Efficiency and Production Class 17 Review: Pareto Efficiency and Production
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Midterm Information
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Midterm Information
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Outline elfare Measures: Pareto and CS+PS (+B) ± Welfare Measures: Pareto and CS+PS (+B) ± Production and Trade oint PPF ± Joint PPF ± Comparative Advantage
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Pareto Efficiency and Trade I J e Pareto Efficiency : An allocation q is Pareto Efficient if there is no feasible allocation q’ , s. t. q’ J q J and q’ D q D r nd D ; J ; I D or q D q D and q J q J J ; D ; I J I D eminder On the Edges it can be that MRS are Reminder : On the Edges, it can be that MRS are not equal at Pareto efficient allocations! Extreme Example: Problem Set 12, Q1.F All Pareto efficient allocations are on the edges)
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Pareto Efficiency to Rank Allocations?
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class17 - -HOUSING MARKET UPDATENovember 2007.8.4% off peak...

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