08 Jun Question Select a Government Regulation.
Question
Select a Government Regulation. Identify a particular government regulation of your choosing that in your opinion has either been successful or a failure. Briefly state the original purpose of this regulation and whether it has changed over time. Then, concQuestion
Q1
The Snow City Ski Resort caters to both out-of-town skiers and local skiers. The demand for ski tickets of out-of-town skiers is given by Q o = 800 – 16 P o,while the demand for ski tickets of local skiers is given by Q l = 800 – 20 P l . The marginal cost of servicing a skier of either type is $10. If Snow City Ski Resort (third-degree) price discriminates then the profit maximizing prices (for a ski ticket) are:
P o = $35 and P l = $20
2. P o = $30 and P l = $25
3. P o = $15 and P l = $28
4. None of the above
Q2
The Snow City Ski Resort caters to both out-of-town skiers and local skiers. The demand for ski tickets of out-of-town skiers is given by Q o = 800 – 16 P o, while the demand for ski tickets of local skiers is given by Q l = 800 – 20 P l . The marginal cost of servicing a skier of either type is $10. If Snow City Ski Resort (third-degree) price discriminates then the price elasticity of demand is
-3 for local skiers
-1.4 for out-of-town skiers
the same for local skiers and for out-of-town skiers
None of the above
Q3
Consider the following game between player 1, who chooses among strategies row 1, row 2, and row 3, and player 2, who chooses among strategies column 1, column 2, column 3, and column 4 (in the table, payoffs for player 1 are expressed first):
Column 1 Column 2 Column 3 Column 4
Row 1. 8,0. 10,1 1,2 4,5
Row 2. 6,1. 2,1. 2,4. 5,2
Row 3. 5,6. 10,0. 1,1. 3,0
Using the technique of iterated elimination of dominated strategies, we obtain that the most reasonable prediction(s) in this game is (are)
Player 1 will choose row 3 and player 2 will choose column 1
Player 1 will choose row 2 and player 2 will choose column 3
Player 1 will choose row 1 and player 2 will choose column 4
None of the above
Q4
Ives LeFancy and Donna Gabbana are two top fashion designers who own stores on Trendy St. Each has to decide whether to present their ‘ready-to-wear’ collection at the Los Angeles Fashion Week (L.A.) or at the New York Fashion Week (N. Y.) (they can only present at one of them). If Ives chooses L.A. and Donna chooses N.Y., then Ives’ (estimated) profits are $160,000 and Donna’s are $110,000. If both choose to present in L.A., then Ives’ (estimated) profits are $120,000 and Donna’s are $120,000. If both choose to present in N.Y., then Ives’ (estimated) profits are $110,000 and Donna’s are $140,000. And if Ives chooses N.Y. and Donna chooses L.A., then Ives’ (estimated) profits are $130,000 and Donna’s are $100,000.If they make their choices simultaneously and independently then, using the Nash equilibrium concept, we find that
The only Nash equilibrium is: Ives chooses L.A. and Donna chooses L.A.
There are two Nash equilibria: 1) Ives chooses L.A. and Donna chooses N.Y.; 2) Ives chooses N.Y. and Donna chooses L.A.
The only Nash equilibrium is: Ives chooses L.A. and Donna chooses N.Y.
None of the above
Q5isely defend your view on whether you favor the expansion or reduction of the enforcing regulatory agency.
Anti-trust Measures. Identify a particular market that has experienced government anti-trust efforts or you think should have antitrust efforts. Analyze what type of market structure was in existence at the time of the anti-trust measures or is in currently. Then justify whether the market justified(s) the intervention.
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