TAILIEUCHUNG - Lecture Microeconomics: Theory and applications (12th edition): Chapter 6 - Browning, Zupan

Chapter 6 - Exchange, efficiency, and prices. In this chapter students will be able to: Understand why voluntary exchange is mutually beneficial, explain what economists mean by efficiency in exchange and the benefits associated with the promotion of such efficiency, discuss how competitive markets promote efficient distribution of goods between consumers. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 6: Exchange, Efficiency, and Prices Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Understand why voluntary exchange is mutually beneficial. Explain what economists mean by efficiency in exchange and the benefits associated with the promotion of such efficiency. Discuss how competitive markets promote efficient distribution of goods between consumers. Explore the extent to which price and nonprice mechanisms for rationing goods across consumers serve to promote efficiency. Explain the mathematics behind efficiency in exchange. Economic Efficiency With regard to exchange, economic efficiency represents a distribution of goods across consumers in which no one consumer can be made better off without hurting another consumer. TWO-PERSON EXCHANGE Understand why voluntary exchange is mutually beneficial. Two-Person .

• Kinh tế học
• Microeconomics theory
• Microeconomics applications
• Lecture Microeconomics
• Kinh tế vĩ mô
• Economic efficiency
• Competitive equilibrium
• Scope of microeconomic theory
• Normative analyses
• Consumer choice
• Theory of consumer choice
• Consumer choice theory
• Excise subsidies
• Game theory
• Economics of information
• Demand curves
• Supply curves
• Consumption choices
• Substitution effects
• Relating output to inputs
• Empirical estimation
• Cost of production
• Shortrun cost
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power