Nazarbayev University

ECONOMICS 428

April 17, 2020

Economics 428/528 Assignment 5 Answer Key

Note:

Write substantive answers, in whatever style you consider the most effective: do not try

to fill in space with aimless speculation. The grading function is symmetric and additively

separable over questions, and it is convex. You are expected to upload your answers as a

single file to Moodle.

Important:

Feel free to discuss questions with each other, but you are

NOT

allowed to solve

them together. Making same mistakes in a similar order will be judged as plagiarism that will

not be tolerated and be sanctioned according to the Student’s Code of Misconduct. You need

to write down your own original answers and submit them to Moodle as a single file

. You can

use a software (ex: Word or Latex) to type your answers or scan your handwritten answers

into a pdf file. In the latter case, you are responsible for the quality of scanning. Late

submissions are

NOT

accepted!