Competitive equilibrium analysis focuses primarily on:

The equilibrium allocation in a partial equilibrium environment determines all EXCEPT:

Competitive equilibrium predicts outcomes assuming that:

Consider a partial equilibrium environment. With utility function U(m,q)=m+√q , production f(x)=√x and output price p. What is the equilibrium price in this market?

The firm in partial equilibrium uses the numeraire as:

Using the previous step, the problem reduces to a one-variable maximization. Which function f is maximized over x in the Real numbers?

In cost minimization, the cost function plays the same role as:

Positive analysis in economics asks:

Shephard’s Lemma states that the derivative of the cost function with respect to input prices equals:

Duality in economics is primarily useful because it: