Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table where the number on the left is the payoff to Player A, and the number on the right is the payoff to Player B.
Does Player A have a dominant strategy? If so, what is it?
Does Player B have a dominant strategy? If so, what is it?
For the next four questions, you’ll be asked whether a strategy combination is a Nash equilibrium or not. Player A plays Top and Player B plays Left
Player A plays Bottom and Player B plays Left
Player A plays Top and Player B plays Right
Player A plays Bottom and Player B plays Right
If each player plays her maximin strategy, what will be the outcome of the game?
Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Using the backward induction method discussed in the online class notes, what will be the outcome of the game?
For the next five questions, consider a monopolist. Suppose the monopolist faces the following demand curve: P = 100 – 3Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. What is the monopolist’s profit maximizing level of output?
What price will the profit maximizing monopolist charge?
How much profit will the monopolist make if she maximizes her profit?
What is the value of consumer surplus?
Please take a moment to scroll to the bottom of the page and click the “Save and Continue Later” button. This will record your progress in the exam in case of a dropped internet or ANGEL connection. This will NOT stop the exam clock, so be sure to immediately re-enter the exam.
What is the value of the deadweight loss created by this monopoly?
These next five problems consider tax incidence. Suppose the market supply and demand for guitars in Happy Valley are given by:
Demand: P = 300 – (1/2)Q
Supply: P = 100 + (1/3)Q
What is the equilibrium price and quantity of the product?
What is the price elasticity of demand at the equilibrium price?
For the next three questions, assume there is $20 per unit tax levied on the consumers of guitars. What price will buyers pay after the tax is imposed?
What is the quantity of the good that will be sold after the tax is imposed?
What is the deadweight loss created by the tax?
For the next nine questions, refer to the table above. Nebraska and Virginia each have 100 acres of farmland. The table gives the hypothetical figures for yield per acre in the two states. Who has the absolute advantage in the production of wheat?
Who has the absolute advantage in the production of cotton?
Who has the comparative advantage in the production of wheat?
Who has the comparative advantage in the production of cotton?
For the next four problems, you will find actual points on the combined PPC of the two states. You will be given a value of one good, and you must calculate the maximum amount of the other good that the two states could produce working together.
In Virginia, what is the marginal rate of transformation between wheat and cotton? (Assume wheat is graphed on the vertical axis.)
Why Choose Us
We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.
Professional Academic Writers
Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.
Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.
We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.
At Papers Owl, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.
Customer Support 24/7
Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: email@example.com.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Papers Owl has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.
At Papers Owl, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.
Admission and Business Papers
Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.
Editing and Proofreading
Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.
We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.