Is it possible to find out allocations of factors of production under a Walrasianequilibrium, without explicitly modeling the factor prices? Explain in detail
Question
Is it possible to find out allocations of factors of production under a Walrasianequilibrium, without explicitly modeling the factor prices? Explain in detail
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Solution 1
In a Walrasian equilibrium, also known as a general equilibrium, all markets in an economy are in equilibrium simultaneously. This includes markets for goods and services, as well as markets for factors of production such as labor and capital.
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