Question
Some critics have argued that this economist’s correspondence principle between comparative statics and the dynamics of equilibria only holds when the equilibria are locally stable. For 10 points each:
[10h] Name this economist, the author of Foundations of Economic Analysis. A theory named for Wolfgang Stolper and this economist relates the factor price frontier to the production of capital-intensive goods.
ANSWER: Paul Samuelson [or Paul Anthony Samuelson]
[10m] A variable described by this adjective changes between the first and second state of a comparative statics analysis. A variable described by this adjective is determined outside of the model.
ANSWER: exogenous variable
[10e] Comparative statics is often used to show changes in these two quantities in a single market. In a competitive market, the intersection of these two quantities is used to determine the market equilibrium.
ANSWER: supply AND demand [prompt on partial answers]
<Social Science - Social Science>
Summary
| 2023 ACF Fall (Rutgers) | 10/14/2023 | Y | 6 | 11.67 | 100% | 0% | 17% |
Data
| Columbia A | NYU B | 10 | 0 | 10 | 20 |
| Penn | Lehigh | 0 | 0 | 10 | 10 |
| Maryland | University of Delaware A | 0 | 0 | 10 | 10 |
| NYU A | Rowan | 0 | 0 | 10 | 10 |
| Delaware B | NYU C | 0 | 0 | 10 | 10 |
| Swarthmore A | Princeton | 0 | 0 | 10 | 10 |