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Economics 2015 – Daily Answer Writing Challenge : 1

Economics 2015 – Daily Answer Writing Challenge : 1

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04 September 2015

Advanced Micro Economics:

  1. Examine the relation between own and cross prie elasticities for a compensated demand function (2014 – 10 marks)
  2. 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)
  3. 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

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