PPT-Consumer Theory, Markets and Economic Welfare

Topics 1 Competitive consumer preferences budget sets choices Price and income effects 2 Firms transform multiple inputs into outputs 3 Private ownership economy with initial ownership of goods and firms markets trades prices feasible allocation . Three Simultaneous Events n 1996 Congress passed the Personal Responsibility and Work Opportunity Reconciliation Act or PRWORA which substantially restructured public assistance programs PRWORA gave states almost entire discretion to design and oper Who gains and who loses when prices change?. 1. The Efficiency of Competitive Markets. Economic efficiency . A market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum.. Behavioral . Economics. Standard Economics + Psychology = Behavioral Economics. What is the standard economic model?. The standard, or neo-classical, economic model is the way most economists think about consumer welfare and consumer choice.. Principles of Marketing Week 4. Learning Objectives. The Market. Defining the Market. Understanding and Approaching the Market. The Market is…. Types of Markets. Learning Objectives. The Buyers. Defining the Market. NEW INSTITUTIONAL ECONOMICS. Dr. Douglass C. North . . Winner of the 1993 Nobel Prize in Economics. . Improving the performance of economies. Background on the nature of institutions. Need for the theory of institutional analysis. Computational Phenomena and Processes. Institutions. Dr. Henry . Hexmoor. Department of Computer Science. Southern Illinois University Carbondale. Institutions. A set of rules and norms that guide collective action.. Who gains and who loses when prices change?. 1. The Efficiency of Competitive Markets. Economic efficiency . A market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum.. an. . impossible. . combination. ?. Pascal De Decker. HaUS. - . Faculty. of Architecture KU Leuven. Alliance . to. . F. ight. . P. overty. – Marseille – 3 . Oct. 2014. Content. Warning. Trends. Radmilo V. Pešić. University of Belgrade. Serbia. Do we need Economics at all?. To make students` life harder, to make economists more esoteric, to make economic profession more exclusive and better paid, to make politicians more addicted to economists, and to make journalists more ignorant…….???. Integration. . Pros and Cons of Open Financial Markets. Advantages of financial . integration. The theory of . intertemporal. optimization. Other . advantages . Do financial markets work as they should?. 8-10. th . September,2014 . PRESENTATION BY COMPETITION AUTHORITY OF KENYA. Mr. David Mukumi. "A Kenyan economy with globally efficient markets and enhanced consumer welfare for shared Prosperity". 10. th. - . 12. th. September 2013. Livingstone, Zambia. Consumer Protection and Competition Framework. John Nderitu . Mwangi. Competition Authority of Kenya. INTRODUCTION . The Competition Act No. 12 of 2010 became operational on 1. Objective: to find a criteria that allows us to rank different systems or allocations of resources.. This criteria will allow us to answer a question like:. Although the minimum wage law creates winners and loser, is it. Highlight of the Unit. :. Welfare economics, positive and normative aspects of welfare economics, equilibrium and efficiency under pure exchange and production, Pareto’s efficiency in exchange, production, .