12 May DOES PLAYER B HAVE A DOMINANT STRATEGY?
Does Player B have a dominant strategy? If so, what is it? A) Left is a dominant strategy for Player B B) Right is a dominant strategy for Player B C) Both of the above D) None of the above3.For the next four questions, youll be asked whether a strategy combination is a Nash equilibrium or not. Player A plays Top and Player B plays Left A) This is a Nash equilibrium B) This is NOT a Nash equilibrium4.Player A plays Bottom and Player B plays Left A) This is a Nash equilibrium B) This is NOT a Nash equilibrium5.Player A plays Top and Player B plays Right A) This is a Nash equilibrium B) This is NOT a Nash equilibrium6.Player A plays Bottom and Player B plays Right A) This is a Nash equilibrium B) This is NOT a Nash equilibrium7.If each player plays her maximin strategy, what will be the outcome of the game? A) Player A plays Top and Player B plays Left B) Player A plays Bottom and Player B plays Left C) Player A plays Top and Player B plays Right D) Player A plays Bottom and Player B plays Right8.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? A) Player A plays Top and Player B plays Left B) Player A plays Bottom and Player B plays Left C) Player A plays Top and Player B plays Right D) Player A plays Bottom and Player B plays Right9.For the next five questions, consider a monopolist. Suppose the monopolist faces the following demand curve: P = 180 4Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. What is the monopolists profit maximizing level of output? A) Q = 45 B) Q = 40 C) Q = 30 D) Q = 20 E) Q = 10 F) none of the above10.What price will the profit maximizing monopolist charge? A) P = $100 B) P = $20 C) P = $60 D) P = $180 E) P = $80 F) none of the above11.How much profit will the monopolist make if she maximizes her profit? A) Profit = $1,600 B) Profit = $3,200 C) Profit = $400 D) Profit = $1,200 E) Profit = $800 F) none of the above12.What is the value of consumer surplus? A) CS = $400 B) CS = $150 C) CS = $1,600 D) CS = $600 E) CS = $512.5 F) none of the above13.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? A) Deadweight loss = $200 B) Deadweight loss = $400 C) Deadweight loss = $800 D) Deadweight loss = $512.5 E) Deadweight loss = $1,600 F) none of the above14.These next five problems consider tax incidence. Suppose the market supply and demand for guitars in Happy Valley are given by:Demand: P = 1500 0.5QSupply: P = 150 + 0.25QWhat is the equilibrium price and quantity of the product? A) P* = 400, Q* = 2200 B) P* = 100, Q* = 5400 C) P* = 900, Q* = 1200 D) P* = 600, Q* = 1800 E) none of the above15.What is the price elasticity of demand at the equilibrium price? A) Elasticity = -0.666 B) Elasticity = -6 C) Elasticity = -3 D) Elasticity = -1.5 E) none of the above16.For the next three questions, assume there is $30 per unit tax levied on the consumers of guitars. What price will buyers pay after the tax is imposed? A) $590 B) $630 C) $620 D) $615 E) none of the above17.What is the quantity of the good that will be sold after the tax is imposed? A) 1640 B) 1680 C) 1700 D) 1720 E) none of the above18.What is the deadweight loss created by the tax? A) DWL = $300 B) DWL = $600 C) DWL = $450 D) DWL = $150 E) none of the above19.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? A) Nebraska B) Virginia C) Both of the above D) None of the above20.Who has the absolute advantage in the production of cotton? A) Nebraska B) Virginia C) Both of the above D) None of the above21.Who has the comparative advantage in the production of wheat? A) Nebraska B) Virginia C) Both of the above D) None of the above22.Who has the comparative advantage in the production of cotton?
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