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e) (2 point) Suppose that initially a market economy and a command economy are equally developed (in that their economies are just as large) and

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e) (2 point) Suppose that initially a market economy and a command economy are equally developed (in that their economies are just as large) and suppose that the market economy grows at rate 2.0% per year and the command economy grows only a little bit slower, at rate 1.0% per year. Approximately how long will it take for the market economy to be twice as wealthy as the command economy? Hint: We have not covered the formulas for calculating this. It may be useful to review the relevant high-school math (or google the relevant formulas) to do this important calculation. f) (2 points) Provide the graphical OR formal proof of the first welfare theorem of economics

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