Map of Summertown

Map of Summertown for The optimorum concept is important in capitalist economies since it expresses the fundamental idea that economic choice relies on trade-offs and that different patterns of consumption or production may lead to efficient solutions among which only one is also globally the best. The following conditions are held to define the optimal organization of an economy: 1. Factors of production must be used such that the marginal rates of substitution in production are equal for all producers (= efficient factor input) 2. Every factor bundle is to be distributed such that the marginal rates of substitution in consumption are equal for all consumers (= optimal distribution) 3. Production and consumption are to be matched such that the marginal rate of transformation equals the marginal rates of substitution in consumption (= optimal matching between production and consumption). These conditions define PARETO OPTIMALITY, situations where no change can make one individual better off without making another worse off. However, such local optima need not be global optima. Map of Summertown 2016.

Map of Summertown Photo Gallery



Leave a Reply

64 − = 63