Provide a series of essays on each of the following topics. The entire work should be 7-10 pagesas a maximum. Please use 12 point font, standard margins, Times New Roman font, and doublespacing. We are short on time, lets make these due Thursday the 22nd by hard copy in my mail box. Iwill be on campus Tuesday and Thursday of next week but will be in and out giving finals. I will alsoneed you to submit to “safe assign” via Blackboard.1. (Semi-short essay) Wicksteed made a significant contribution to value theory during themarginal utility revolution. This contribution was the “Exhaustion of the product” whichwe derived in class. Explain the importance of this contribution. Explain the significanceof the Euler theorem and the assumption of constant returns to scale in deriving thesolution. In what ways is this contribution similar to Marx’s Transformation Problem, inwhat ways is it different?2. (Short essay) Adam Smith rejected utility as a foundation for value. He illustrates thisrejection in his famous diamonds and water paradox. Briefly explain how the cognitiveswitch from total utility to marginal utility resolves this paradox.3. (Long essay) The stability of the economic system and the laissez-faire doctrine hasbeen a theme throughout the course. Trace the evolution of work on this topic. You willhave two archs to trace. First those theorists who are trying to prove that the system isstable. Secondly those who are trying to prove that the system is inherently unstable. Foreach scholar provide their position on the issue as well as the theoretical mechanism thatdrives stability/instability. Be sure to include each of the following:- A. Smith (Invisible hand)- L. Walras (Walrasian Auctioneer)- K. Marx (Laws of Motion)- Edgeworth (Edgeworth Box)- Keynes (Animal Spirits)- Schumpeter (Creative Destruction)Parenthesis provides hints for the structure of your essay.