Answer to Question #333490 in Microeconomics for Pimple

Question

Essay Questions:

1. Discuss the usefulness of microeconomic analysis for the private (business) sector. You must use specific examples to support your argument.

2. Discuss the major components of a microeconomic model of your choice.

3. Discuss the two major theorems of welfare economics and their limitations. You can use diagrams where relevant.

4. Discuss the major flaws of perfectly competitive markets. How do these flaws provide the basis for the government's intervention in the economy?

5. Discuss the three major functions of the government.

Answer 1

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