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Choose any two concepts. Write a short essay defining and explaining the importance of each of the chosen concept. Each concept essay should not exceed 750 words (or 1500 words in total for the two concepts).
i. Budget constraint, the consumer equilibrium and the marginal rate of substitution
ii. Consumer surplus and its application in analysing of a Trade Quota
iii. Compensating and Equivalent variations
iv. Individual Supply Curve and the Market Supply Curve for Labour
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