Distribution of innate ability is distributed symmetrically

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Q1. Suppose the distribution of innate ability is distributed symmetrically throughout a population but which the wage distribution is positively skewed. Illustrate what most likely explicates this?

Q2. Derive the necessary conditions for consumer equilibrium by both (1) Cardinal also (2) Ordinal approaches. Reconcile (3) the apparent differences in the two approaches. Finally (4) Explain how which all points on the demand curve the utility maximizing quantities of good X are Explain how on the quantity axis it's respective prices. Please try to be as detail as possible in providing the answers.

Reference no: EM1313275

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