Partial Equilibrium

Partial Equilibrium

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Partial equilibrium is a condition of economic equilibrium which takes into consideration only a part of the market, ceteris paribus, to attain equilibrium.As defined by George Stigler, "A partial equilibrium is one which is based on only a restricted range of data, a standard example is price of a single product, the prices of all other products being held fixed during the analysis."The Supply and demand model is a partial equilibrium model where the clearance on the market of some specific goods is obtained independently from prices and quantities in other markets. In other words, the prices of all substitutes and complements, as well as income levels of consumers are constant. This makes analysis much simpler than in a general equilibrium model which includes an entire economy.show more

Product details

  • Paperback | 52 pages
  • 152 x 229 x 3mm | 91g
  • Vertpress
  • United States
  • English
  • black & white illustrations
  • 6136204525
  • 9786136204529