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Microeconomics II
book

Microeconomics II

by D.N. Dwivedi
August 2011
Intermediate to advanced content levelIntermediate to advanced
368 pages
14h 51m
English
Pearson India
Content preview from Microeconomics II
General Equilibrium Analysis 273
GENERAL EQUILIBRIUM IN PRODUCTION
e condition for the general equilibrium in production is that factor inputs are so allocated among
the industries that marginal rate of technical substitution (MRTS) between the inputs is the same for
all the industries. e method of analysing general equilibrium in production is essentially similar to one
used in general equilibrium analysis of exchange. e technique used is the same, i.e. the Edgeworth box
diagram called Edgeworth production box diagram. e general equilibrium in production is analysed
under the following simplifying assumptions:
1. ere are only two
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Publisher Resources

ISBN: 9788131797655