Address these questions a) Is Hutchinson correct in his disputation with the co

Address these questions
a) Is Hutchinson correct in his disputation with the concept of market “efficiency”? Why/Why not?
b) Hutchinson questions the concept of consumer “willingness to buy”. Is his definition of “willingness to buy” and its utility as an analytical tool in accord with Mankiw’s definition and analytical use to determine consumer surplus? How important is observational data to this question?
c) Hutchinson proposes an alternative definition of efficiency, wherein the “value” of a good is a product of the labor and materials used to manufacture the good. Does this make sense and does it help to evaluate the efficiency of market outcomes? Explain your reasoning. Are you aware of any historical precedents for this concept of “value”?