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Economics and Finance: Macroeconomics and Fiscal Policy
ISBN 13: 9781429278454
The MRS is equal to minus the slope of the indifference curve, the rate at which the consumer will trade the good on the vertical axis for the good on the horizontal axis. Budget constraint: A mathematical representation of all the combinations of goods an individual can afford to buy if she spends her entire income. Deadweight loss -The reduction in social efficiency from denying trades for which benefits exceed costs when quantity differs from the socially efficient quantity Generalization: 1st Welfare Theorem -1st Welfare Theorem: -If 1 no externalities, 2 perfect competition [individuals and firms are price takers], 3 perfect information, 4 agents are rational, then private market equilibrium is Pareto efficient -Pareto efficient: Impossible to find a technologically feasible allocation that improves everybodys welfare. Inequality is seen as the biggest issue with market economies. Read Free For 30 Days.