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- Partial_equilibrium abstract "Partial equilibrium is a condition of economic equilibrium which takes into consideration only a part of the market, ceteris paribus, to attain equilibrium.As defined by George Stigler, "A partial equilibrium is one which is based on only a restricted range of data, a standard example is price of a single product, the prices of all other products being held fixed during the analysis."The supply and demand model is a partial equilibrium model where the clearance on the market of some specific goods is obtained independently from prices and quantities in other markets. In other words, the prices of all substitutes and complements, as well as income levels of consumers are constant. This makes analysis much simpler than in a general equilibrium model which includes an entire economy.Here the dynamic process is that prices adjust until supply equals demand. It is a powerfully simple technique that allows one to study equilibrium, efficiency and comparative statics. The stringency of the simplifying assumptions inherent in this approach make the model considerably more tractable, but may produce results which, while seemingly precise, do not effectively model real-world economic phenomena.Partial equilibrium analysis examines the effects of policy action in creating equilibrium only in that particular sector or market which is directly affected, ignoring its effect in any other market or industry assuming that they being small will have little impact if any.Hence this analysis is considered to be useful in constricted markets.Léon Walras first formalized the idea of a one-period economic equilibrium of the general economic system, but it was French economist Antoine Augustin Cournot and English political economist Alfred Marshall who developed tractable models to analyze an economic system.".
- Partial_equilibrium wikiPageID "4505716".
- Partial_equilibrium wikiPageRevisionID "606609313".
- Partial_equilibrium hasPhotoCollection Partial_equilibrium.
- Partial_equilibrium subject Category:Microeconomics.
- Partial_equilibrium comment "Partial equilibrium is a condition of economic equilibrium which takes into consideration only a part of the market, ceteris paribus, to attain equilibrium.As defined by George Stigler, "A partial equilibrium is one which is based on only a restricted range of data, a standard example is price of a single product, the prices of all other products being held fixed during the analysis."The supply and demand model is a partial equilibrium model where the clearance on the market of some specific goods is obtained independently from prices and quantities in other markets. ".
- Partial_equilibrium label "Equilibrio parcial".
- Partial_equilibrium label "Equilíbrio parcial".
- Partial_equilibrium label "Partial equilibrium".
- Partial_equilibrium label "Partieel evenwicht".
- Partial_equilibrium label "Równowaga cząstkowa".
- Partial_equilibrium label "Équilibre partiel".
- Partial_equilibrium label "局部均衡".
- Partial_equilibrium sameAs Equilibrio_parcial.
- Partial_equilibrium sameAs Équilibre_partiel.
- Partial_equilibrium sameAs Partieel_evenwicht.
- Partial_equilibrium sameAs Równowaga_cząstkowa.
- Partial_equilibrium sameAs Equilíbrio_parcial.
- Partial_equilibrium sameAs m.0c6142.
- Partial_equilibrium sameAs Q3052487.
- Partial_equilibrium sameAs Q3052487.
- Partial_equilibrium wasDerivedFrom Partial_equilibrium?oldid=606609313.
- Partial_equilibrium isPrimaryTopicOf Partial_equilibrium.