Fundamental theorems of welfare economics, Econometrics

1. What are the two roles that prices play in a competitive economy? How are these two roles related to the Fundamental Theorems of Welfare Economics?

2. The Undercover Economist. It is on reserve in the Reserve Reading Room in the Library for Econ 357(01). Provide a summary, based on the analogy in this chapter, for Arrow's [Second Fundamental Theorem of Welfare Economics] resolution of the trade off between efficiency and fairness.

3. Explain the relationship betweenWalras' Law, the use of a numeraire good, and why only relative prices matter.

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