[Note; The questions for the midterm are here, and the 1st set of questions after the midterm is here.]
William Stanley Jevons and Carl Menger
1. What was Jevons' main contribution to the theory of exchange?
2. Explain Jevons' determination of the length of the working day.
3. What is the water-diamond paradox? How does Jevons solve it?
4. Discuss and illustrate (using a table) Menger's ideas on total and m arginal utility.
5. Compare and contrast Menger's and Jevon's views on total and marginal utility.
6. What are Menger's views on factor price determination? How can they be used to refute the labor theory of value?
John Bates Clark
7. Explain Clark's marginal productivity theory and how it was used to counter Marx's claim that labor is exploited under capitalism.
8. Discuss the ethical implications of marginal productivity theory.
Francis Ysidro Edgeworth
9. What was Edgeworth's main contribution to utility theory? Explain.
10. Explain the contributions made by Edgeworth to production theory.
Alfred Marshall (there will be more questions on Marshall in the next set of questions)
11. Explain why Marshall felt that economics is the most precise of all the social sciences.
12. Explain Marshall's views on consumer and producer surplus.
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