Week # 10-11: General Equilibrium and Welfare
Perfectly Competitive Price System, A Simple Graphical Model of General Equilibrium with Two Goods, Comparative Statics Analysis, General Equilibrium Modeling and Factor Prices, Existence of General Equilibrium Prices, General Equilibrium Models, Welfare Economics, Efficiency in Output Mix, Competitive Prices and Efficiency: The First Theorem of Welfare Economics, Departing from the Competitive Assumptions, Distribution and the Second Theorem of Welfare Economics
Course Material
- Week # 1-2: Economic Models & Mathematics for Microeconomics
- Week # 3-4: Preferences and Utility, Utility Maximization and choice
- week# 5: Income& Substitution Effects, Demand Relationships among goods
- Week # 6-7: Uncertainty and information, Strategy and Game Theory, Production and Supply
- Week 8: Cost Functions, The Partial Equilibrium Competitive Model
- Week # 9: Completion and Submission of Term Paper for Partial Fulfilment of Mid-Term
- Week # 10-11: General Equilibrium and Welfare
- Week # 12-13: Monopoly, imperfect Competition, Pricing in Input Markets
- Week # 14-15: Capital and Time
- Week # 16: Asymetric Information
- Week # 17: Externalities and Public Goods
- Week # 18: Final Term (Viva, Project, Presentation etc.)
- Chapters 12
- Department Economics
- Teacher
Dr. Mahmood ul Hasan
