Question: Short questions (10 points) a. Describe the First and Second Welfare Theorem (2 points). b Describe the difference between CV and EV (2 points). c.

Short questions (10 points) a. Describe the First and Second Welfare Theorem (2 points). b Describe the difference between CV and EV (2 points). c. Describe and explain Walras Law (2 points). d. Describe and explain the transitive assumption (2 points). e. Describe and explain the difference between income effect and substitution effect (2 points)

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