assignment that needs correction and proper citation and graphs and explanations in micro economics mrt mrs ppf equilibrium pareto instructions for revision includeded
Project description
attached is the assignment and the professors comments
you may use your references please include some of mine and proper citation as indicated
he is into derivation of formulas so please include that.
the original instructions are below in the attachment there are more comments and instructions to use as a guide
attached is the assignment and the professors comments
you may use your references please include some of mine and proper citation as indicated
he is into derivation of formulas so please include that.
the original instructions are below in the attachment there are more comments and instructions to use as a guide
Use and analyze any relevant graphs to the questions asked. Draw BIG graphs to aid in clarity. All work must be typed, except for the graphs. Graphs may either be hand-drawn or created in Word or some other software.
*Important: use only enough words to concisely answer the question in a direct and clear way. Points will be deducted for extraneous words.*
Assumptions of a competitive, free market economy mean that the marginal rates of substitution (MRS) for all consumers must be equal to one another in equilibrium. Fully explain. Define all crucial terms such as MRS and equilibrium.
Another conclusion under a competitive, free market economy is that the marginal rate of transformation (MRT) must equal to the MRS for general equilibrium to exist. Fully explain.
Critically evaluate this statement: “An outcome that is Pareto optimal is the best possible outcome for society.”
Chapter 4 calls into question at least five assumptions of market competition. Choose one of these assumptions and explain the implications in terms of social welfare. (One page, double-spaced maximum.)
*Important: use only enough words to concisely answer the question in a direct and clear way. Points will be deducted for extraneous words.*
Assumptions of a competitive, free market economy mean that the marginal rates of substitution (MRS) for all consumers must be equal to one another in equilibrium. Fully explain. Define all crucial terms such as MRS and equilibrium.
Another conclusion under a competitive, free market economy is that the marginal rate of transformation (MRT) must equal to the MRS for general equilibrium to exist. Fully explain.
Critically evaluate this statement: “An outcome that is Pareto optimal is the best possible outcome for society.”
Chapter 4 calls into question at least five assumptions of market competition. Choose one of these assumptions and explain the implications in terms of social welfare. (One page, double-spaced maximum.)
