EDITED ESSAY!

hello!
apparently there've been many reported mistakes in the essay.
additional thanks to wensi(06S6D), lirao, jiexun, jonathan, christina. for spotting the mistakes / clarifying issues for rephrasing.
please get your updated copy here!

as a side note - please please please please don't screw me if you don't get good marks like the last time, or if my prediction that question 1 will come out doesn't come true =X

p.s. i tried writing question 1 out in full within the time limit. i got pwned quite badly. like i exceeded the time limit of 45min by about 15min.. so.. umm.. find your own way to summarise / familiarise yourself with the essay so you don't have econs-student's block while writing halfway and are able to complete the essay within the time limit. question 1 part b - there's a part in italics. i think you don't have to write that part if you're short of time, since the main points to answer that question are covered in the rest of essay. yupps.

all the best :)