a) Final exams are never pleasant experiences. For students there is the stress of writing a good exam to get a good gra
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a) Final exams are never pleasant experiences. For students there is the stress of writing a good exam to get a good gra
a) Final exams are never pleasant experiences. For students there is the stress of writing a good exam to get a good grade. For Professors, grading is time consuming and hard on the eyes. Why do we make people write exams? Why do we have exams? Why do we need to have grades? Why can't you just tell prospective employers that you are smart and know your stuff? Give an economic explanation for why you have to write exams. (10 Marks) b) Jack Spratt eats no fat. His wife eats no lean (meat). If Jack and his wife are each endowed with fatty pork chops (lean meat surrounded by fat), then does this couple have an opportunity to gain from trade? What will the equilibrium allocation of food be and is it Pareto Efficient? (10 Marks)
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