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ECONOMICS-2015: Daily Answer Writing Challenge – 2

ECONOMICS-2015: Daily Answer Writing Challenge – 2

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Advanced Micro Economics:

1) Examine the process of reaching the Ricardian steady state. How can the tendency towards steady state be countered? (2014 – 20 marks)

2) The conventional analysis of profit maximisation breaks down if the entrepreneur sells his output and possesses a production function which is homogenous of degree one. Explain (2014 – 10 marks)

3) Write out the conditions for a Walrasian equilibrium in a pure exchange economy with no production, and two different goods. The economy is populated by two people A and B. Show that for such an economy for any equilibrium set of prices, the absolute price level is indeterminate. (2013 – 10 marks)

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Advanced Micro Economics: