Question: 1. Distinguish between partial equilibrium and general equilibrium. 2. Explain equilibrium in pure exchange economy. 3. Explain pareto efficient allocations and contact curve as used

1. Distinguish between partial equilibrium and general equilibrium. 2. Explain equilibrium in pure exchange economy. 3. Explain pareto efficient allocations and contact curve as used in economics. 4. Discuss the first fundamental theorem of welfare economics (invisible hand theorem) and its economic implications. 5. Discuss the second fundamental theorem of welfare economics and its economic implications. 6. Discuss the concept of market failure, in your discussion focus on causes of market failure. 7. Explain how public goods differs from private goods. 8. Discuss the concept of externalities as used in economics. 9. Discuss free rider problem and its economic implications. 10. Discuss the course theorem and its economic implications. 11. Describe how the problem of market failure can be corrected in the economy

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