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Welfare Economics & Market Failures: Analysis of Theorems & Implications for Info Goods, Exams of Economics and Law

University of Cambridge Economics and Law

An in-depth analysis of welfare economics, focusing on the first and second theorems. It also explores three market failure scenarios where these assumptions do not hold and discusses their implications for the information goods and services industries.

Typology: Exams

2010/2011

Uploaded on 09/27/2011

mayer 🇬🇧

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Download Welfare Economics & Market Failures: Analysis of Theorems & Implications for Info Goods and more Exams Economics and Law in PDF only on Docsity! 2007 Paper 3 Question 1 Economics and Law (a) What are the first and second theorems of welfare economics? [5 marks] (b) Give three examples of ways in which markets can fail to reach competitive equilibrium when the assumptions of the first theorem do not hold, discussing the implications for the information goods and services industries in each case. [15 marks] 1

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