Discuss the nature and role of rationality and equilibrium in neoclassical economics.

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The essay questions are as follows, please choose one: 1. “Is the theory of the contestable market a successful synthesis of the static and dynamic views on competition?” 2. “Discuss the nature and role of rationality and equilibrium in neoclassical economics.” This is a final year Economics course so the person accepting this bid needs a pretty extensive background in Economics to complete this paper. The essay needs to be max 2500 words. For the #PAGES/SPACING request, I am going for word limit and not pages so bear that in mind. For this course, they are expecting graphs and mathematical exposition. It is a theory heavy course and isn’t supposed to be written like a political science essay. It would be nice to go beyond just answering the essay question and incorporating a few “real-life” applications, however, there needs to be a theory base. The best essay to look at is the example that I will send you on Hicksian demand as it was for the same course. The essay on Hicksian demand did not really do that very well especially for naming the graphs as per the feedback that I got but it shows the most basic understanding that you would need to have. For the previous essay they gave tips to receive an A or A+. Please follow similar logic when you are writing this new essay. • must demonstrate ability to organise the essay with a clear and focused argument in fully engaging with the essay topic. The extent to which the argument is sustained in a logically coherent manner distinguishes between marks at the upper end. • Evidence of independent research, and engagements with microeconomic theories beyond the standard presentation in the Nicholson and Snyder textbook can be an advantage IF they relate to the essay question. This includes independent and critical assessments of the neoclassical microeconomic theories of consumer choice and market demand, drawing on the supplementary reading specified in the module guide (Fine 2016, ch.2) and others. • Evaluation of theories can take a number of forms, including but not restricted to: contrasting differences in factors identified, logic used and methodological approaches adopted; highlighting their strength and weakness in explaining consumer behaviour and the functioning of the market; and assessing independently and critically a range of evidence and the views and arguments. • Other forms of innovation / creativity / originality also distinguish first class-level essays, again to the extent that they help answer the essay question. • must fully engage with the essay topic and accurately represent the mainstream theory, by discussing (i) the differences between the Marshallian Demand Function and the Hicksian Demand Function, (ii) how the two demand functions are derived, and (iii) how the two relate to each other within the neoclassical microeconomic theory of consumer choice and market. • The extent to which the essay answers fully address the essay question differentiates between upper and lower Second classes. This includes showing understanding of the different assumptions in the two approaches to analysing market demand, and their applications to further theoretical developments, empirical studies and policy etc. • Key concepts and terms should be defined and explained ideally in your own words. • Writing/communicating crisply and economically (making the most of limited length). In particular, avoid use of rhetoric (assertion) rather than argument (reasoning). • Clear and accurate presentation of diagrams and mathematical equations are encouraged as exposition of theoretical logic. But it is equally important to ensure that these are explained and elaborated discursively, drawing intuitions and implications linking equations and functions to microeconomic behaviours and processes the theories are seeking to analyse. The referencing system needs to be Harvard referencing. That’s one of the places where I went wrong in the essay on paradoxes. The essay on Hicksian demand is better for that but worse in the sense where it was too theory based. We are just using two textbooks the entire year. I would like you to use them as a base and pull from them. However, there has to be external sources as well for expansion. The textbooks I am using this year are as follows: -Nicholson, W. and C. Snyder (2017) Microeconomic Theory: Basic Principles and Extensions, 12 th edition -Fine, B. (2016) Microeconomics. A Critical Companion. I will attach the other two essays that I wrote for reference once accepted. Please let me know if you need anything else!

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