Describe the two branches of general equilibrium analysis, Microeconomics

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Describe the two branches of general equilibrium analysis

Problem

1. Describe the two branches of general equilibrium analysis.

2. Social welfare functions combine the utility levels of everyone in society into a single index. List three types of social welfare functions and discuss what they mean.

3. How do economists generally define efficiency in a market?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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