Intermediate Microeconomics

Robert W. Clower, Philip E. Graves, Robert L. Sexton

Chapter 19 General Equilibrium - all with Video Answers

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Chapter Questions

00:53

Problem 1

Distinguish between partial and general equilibrium theory.

Lottie Adams

Numerade Educator

01:48

Trace the probable effects of an improved variery of orange, which allows a great increase in yield per acre, upon:
(a) The price of apples (immediate and long run),
(b) The production of apples (immediate and short run).
(c) The income of the owners of land best suited for (1) production of oranges, (2) production of apples.

Rashmi Sinha

Numerade Educator

00:54

Problem 3

What are some of the probable effects of the development of nylon, dacron, and orlon shirts upon the prices and outputs of other goods, and factor prices?

Omkar Katta

Numerade Educator

01:21

Problem 4

When will a change in consumer preferences permanently alter factor prices?

Md.Daniyal Arshad

Numerade Educator

01:31

Problem 5

Explain the budget equation and the allocation-of-consumer-expenditure equation, and explain how the usual demand function is derived from them.

Kaylee Mcclellan

Numerade Educator

00:53

Problem 6

What are the two basic general equilibrium equations, from the supply standpoint?

Lottie Adams

Numerade Educator

00:21

Problem 7

Does equality of equations and unknowns ensure a determinate system? Explain.

Amrita Bhasin

Numerade Educator

00:53

Problem 8

Is the general equilibrium system regarded as mathematically determinate? On what basis?

Lottie Adams

Numerade Educator

00:53

Problem 9

Note the various assumptions upon which the simplified general equilibrium system is based, and indicate the extent to which these may be modified.

Lottie Adams

Numerade Educator

00:53

Problem 10

What are the advantages and limitations of general equilibrium theory?

Lottie Adams

Numerade Educator

02:24

Problem 11

Trace the effects on the economy of an improved method of producing helicopters, which would allow them to sell for $$\$ 12,000$$ and make them as safe as automobiles.