#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called partial equilibrium analysis
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3.6. Market Equilibriumuantity. Conceptually, the values of the exogenous variables are being determined in other markets, such as the markets for labor, automobiles, and so on, whereas the price and quantity of gasoline are being determined in the gasoline market. <span>When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called partial equilibrium analysis . In many cases, we can gain sufficient insight into a market of interest without addressing feedback effects to and from all the other markets that are tangentially involved with this Summary
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