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1. How was the convexity of preferences assumption important for making the argument that competitive equilibria are efficient? Does this mean convexity is necessary for

1. How was the convexity of preferences assumption important for making the argument that competitive equilibria are efficient? Does this mean convexity is necessary for the FWT to hold? Explain.

2. Is convexity of the production set a necessary assumption for the SWT to hold? Explain.

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