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What is General Equilibrium & Externality about?

The document discusses General Equilibrium Theory, focusing on a pure exchange economy where consumers trade and consume commodities based on their preferences and endowments. It introduces key concepts such as Walrasian equilibrium, Pareto optimality, and the implications of externalities in economic interactions. The document also highlights assumptions necessary for the model and provides examples of externalities affecting consumption and production.

Author

zsiam14

Language

EN