Economics 2015 – Daily Answer Writing Challenge : 1
04 September 2015
Advanced Micro Economics:
- Examine the relation between own and cross prie elasticities for a compensated demand function (2014 – 10 marks)
- What do you mean by the existence and uniqueness of equilibrium in a market? Examine these concepts in a market where both demand and supply curves are downward sloping. (2014- 10 marks)
- Discuss the cobweb model of dynamic equilibrium with lagged adjustment. Explain how the existence of a stable equilibrium depends on the nature of the demand and supply curves. (2014 – 20 marks)
Tomorrow:
Advanced Micro Economics -Walrasian equilibrium ; Ricardian steady state etc
