Keynes takes Ricardo as representing the old "classical" economics. According to Keynes, wh

Post # 1: Write a short, well-written paragraph (maximum 5-8 sentences) that responds to this question: You have so far studied some of the fundamental concepts in economics (e.g., scarcity, choice and opportunity cost, etc) These concepts are very critical in making good decisions by individuals, businesses, governments and non-profit and non-governmental organizations in society. As an individual or as a business leader or as a decision maker in a governmental or non-governmental agencyorganization, can you explain with a practical example in a well-written short paragraph (maximum 5-8 sentences) how you would incorporate or apply any of the fundamental concepts you have learned in your specific decision-making?Question 3 Consider an exchange economy with two individuals who have initial endowments of two goods, x and y, W1 = (ti, 2), W3 = (2, 4), where the subscripts arc the individuals. These individuals have the following preferences, U1 = 2:1 at in, Hz = 12'; a: y'f'. 3. Find the set of all Pareto optimal outcomes1 the contract curve. b. Draw the Edgeworth box with the initial endowments and the contract curve. Are the initial endowments on the contract curve? :1. How would you solve for the core? (:1. State the rst fundamental theorem of welfare economies. Why is it important? What are its limitations (not the limitations from part (d))? e. Describe a scenario in which the rst fundamental welfare theorem would not apply. question Suppose you are given the utility function U(.) = X1.X2 Suppose now that income is $100, the price of X1 is $1 and the price of X2* is $5. How many units of X1 and X2* represent the optimal consumption points