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

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6. 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). * (1. Describe and explain the transitive assumption (2 points). e. Describe and explain the difference between income eect and substitution effect (2 points)

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