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1、Besanko&Braeutigam–Microeconomics,5theditionSolutionsManualChapter16GeneralEquilibriumTheorySolutionstoReviewQuestions1.Whatisthedifferencebetweenapartialequilibriumanalysisandageneralequilibriumanalysis?Whenanalyzingthedeterminationofpricesinamarket,underwhatcircumstanceswouldageneralequi
2、libriumanalysisbemoreappropriatethanapartialequilibriumanalysis?Apartialequilibriumanalysisstudiesthedeterminationofpriceandoutputinasinglemarket,takingasgiventhepricesinallothermarkets.Ingeneralequilibriumanalysis,westudythedeterminationofpriceandoutputinmorethanonemarketatthesametime.One
3、wouldemployapartialequilibriumanalysisinsituationswheretheconcernsfocusedonasinglemarket;forexample,howdoesanincreaseinrainfallaffectthepriceofcorn?Onewouldusegeneralequilibriumanalysiswhenonewasconcernedwithhowchangesinpriceandoutputinonemarketaffectthepriceandoutputinanothermarket;forexa
4、mple,howdoesanincreaseinthepriceofnaturalgasaffectthepriceandoutputforelectricfurnaces?2.Inageneralequilibriumanalysiswithtwosubstitutegoods,XandY,explainwhatwouldhappentothepriceinmarketXifthesupplyofgoodYincreased(i.e.,ifthesupplycurveforgoodYshiftedtotheright).Howwouldyouranswerdifferif
5、XandYwerecomplements?Ifthesupplyofgoodincreased,theequilibriumpriceofgoodwouldfall.Sinceandareassumedtobesubstitutes,whenthepriceofgoodfallsrelativetogood,thedemandforgoodwillfall,loweringtheequilibriumpriceandquantityforgood.Ifandarecomplements,whenthepriceofgoodfalls,thedemandforgoodwill
6、increase,increasingtheequilibriumpriceandquantityforgood.3.Whatroledoesconsumerutilitymaximizationplayinageneralequilibriumanalysis?Whatistheroleplayedbyfirmcostminimizationinageneralequilibriumanalysis?Inageneralequilibrium,demandforfinishedproductscomesfromutilitymaximizationbyhouseholds
7、,whiledemandforinputscomesfromcostminimizationbyfirms.Thesupplyoffinishedproductscomesfromprofitmaximizationbyfirms,whilethesupplyofinputscomesfromprofitmaximizationbyhouseholds.4.WhatisWalras’Law?Whatisitssignificance?Walras’Lawimpliesthatageneralequilibriuma
