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MicroeconomicsOptimization, Experiments, and Behavior$
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John P. Burkett

Print publication date: 2006

Print ISBN-13: 9780195189629

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195189629.001.0001

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Allocation of Factors in Competitive Markets

Allocation of Factors in Competitive Markets

Chapter:
(p.90) 8 Allocation of Factors in Competitive Markets
Source:
Microeconomics
Author(s):

John P. Burkett

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195189629.003.0008

This chapter examines the issues considered in the allocation of factors in competitive markets. It suggests that general equilibrium analysis is very useful in public finance and international trade and that graphical analysis of the two-sector model can be supplemented with numerical techniques capable of handling larger dimensions. It discusses the Pareto set for factor allocations, which are technically efficient in the sense that any reallocation of inputs would reduce output of at least one good. Several relevant computational exercises and their solutions are provided.

Keywords:   factor allocation, competitive markets, equilibrium analysis, Pareto set, graphical analysis

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