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ECO 250 Comparative Economic Systems_Week 3 Homework Submission Answer

ECO 250 Comparative Economic Systems_Week 3 Homework Submission Answer

ECO 250 Comparative Economic Systems_Week 3 Homework Submission Answer

ECO 250 Comparative Economic Systems_Week 3 Homework Submission Answer

ECO 250 Comparative Economic Systems_Week 3 Homework Submission Answer

ECO 250 Comparative Economic Systems_Week 3 Homework Submission Answer


ECO 250 Comparative Economic Systems_Week 3 Homework Submission Answer

Week 3 Homework Submission: Chapter 5: Review Questions 2, 5, and 6
Review Questions 2: Perfect Competition usually excludes government, but does not have to. What assumptions are required to exclude government? Hint: Reflect on the concepts of market failure, and the comparative productivity of private and state activities.

Review Questions 5: What are the formal requirements for constructing a self regulating system for generating a competitive general equilibrium?

Review Questions 6: Using figure 5.1, explain why the perfectly competitive equilibrium P is greater than the Smithian equilibrium E.

Chapter 6: Review Questions 2, 3, and 5

Review Questions 2: How is the “duality theorem” related to the fundamental question of whether a general economic equilibrium exists in principle?

Review Questions 3: Input-output analysis was the touchstone of Soviet economic planning. What is it? What are its strengths and weaknesses?

Review Questions 5: What were the fundamental deficiencies of Liberman’s simulated Marshallian adjustment mechanism.

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ECO 250 Comparative Economic Systems_Week 3 Homework Submission Answer