Microeconomics (9th Edition) (Pearson Series in Economics)
9th Edition
ISBN: 9780134184241
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON
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Question
Chapter 16, Problem 1RQ
To determine
The difference between the general equilibrium and partial equilibrium analysis.
Expert Solution & Answer
Explanation of Solution
Partial equilibrium analysis is one which deals with the
Economics Concept Introduction
General equilibrium analysis: The general equilibrium analysis is the determination of equilibrium in all the related markets, when the simultaneous equilibrium is determined by considering the feedback effects.
Partial equilibrium analysis: The partial equilibrium analysis is done when the equilibrium in a single market is determined without consideration of the feedback effects.
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Chapter 16 Solutions
Microeconomics (9th Edition) (Pearson Series in Economics)
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