General Equilibrium

Suren Basov

Chapter 4 in Microeconomics with Spreadsheets, 2017, pp 51-60 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In this chapter, we bring together the consumers and the producers and get them to interact through the markets. We start with a simple model of production and assume for simplicity that there is just one agent in the economy who acts as both a consumer and a competitive firm. This is the so-called Robinson Crusoe economy. The point of this exercise is to highlight role of prices in deciding how much to produce. Next, we move to the equilibria in pure exchange economy without production. The point of this exercise is to highlight role of prices in deciding how to distribute produced resources between the consumers.

Keywords: Microeconomics; Game Theory; Producer Theory; Consumer Theory; Economics of Information; Basics of Industrial Organization; Excel; The Solver (search for similar items in EconPapers)
JEL-codes: C81 (search for similar items in EconPapers)
Date: 2017
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