 2017 - 2018 | |||||||||||||||||||||||||||||
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| 1011-2109-05 | Intermediate Micro - B | ||||||||||||||||||||||||||||
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| FACULTY OF SOCIAL SCIENCES | |||||||||||||||||||||||||||||
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University credit hours: 5.0
Course description
The course is devoted to the question of how resources are allocated in an economy. Economic efficiency is defined, and competitive equilibrium is defined and explained. The conditions under which competitive equilibria are economically efficient are discussed (Welfare Theorems), as well as what happens when these conditions are not satisfied (market failures).