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The General Equilibrium Theorem part 1:

Constructing the three conditions for economic efficiency in a 2x2x2 economy model In this clip about general equilibrium we review both the consumer and production equilibriums. We show that the two sectors are analogous (they are similar in construction and presentation). In these equilibriums we are dealing with a single consumer in the consumption sector and a single producer in the production sector. We do this as a prelude to understanding how the 2x2x2... economy model and its equilibrium point comes directly from the same tools and understandings of the equilibrium points reached for a single consumer or single producer
Length: 05:56

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