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ECONOMICS – Daily Answer Writing Challenge, July 08, 2014

ECONOMICS – Daily Answer Writing Challenge, July 08, 2014

1) Under Bertrand price competition with homogenous products in an oligopoly demonstrate how is the equilibrium price that will prevail arrive at ? (300 words) 

2) What relationship do you see between the problems many countries have experienced with money supply targeting and the move to inflation targeting? (200 words)
3) Before Marshall some classical economists argued that it was cost of producing goods that determined price, others were of the view that it was utility of goods that determined price. Explain how Marshallian time period analysis of value helped to resolve this controversy? (200 words)