Q9 Consider the following game table: Part B 10 marks Stanley has begun planning for selling hamburgers at the Grand Final. So I advise you in each game to choose the best response to one of the two strategies that your opponent did not choose in the last game.
Explain and illustrate your answer with a diagram. Each question is worth equal marks. To get full marks it is sufficient to just get right whether a different outcome would be possible, and one sentence of explanation. The game has three stages. With international trade the equilibrium price will remain equal to the world price.
In each strategy combination the strategy for OzBank is listed first.
Is it possible that this would lead to a different outcome on either day? In the absence of international trade, then: Assume that the price ceiling is less than what the equilibrium price would be if there was no government intervention in the market.
Both firms are considering an expansion of their production capacity.
Note that most of the marks will be given for your explanation. What is the total economic surplus from building the highway by-pass?
Question A9 A telecommunications company is the only supplier of telephones to a small town. Hence this demonstrates how an increase in teacher salaries would cause a profit-maximising school to increase its price. Briefly explain your answer.
In each strategy combination the strategy for OzBank is listed first. Use the model of a profit-maximising firm with market power to explain why private schools would want to increase school fees in response to an increase in teacher salaries.
TWO hours Reading Time: We should expect that: Suppose that there is an increase in the rate of interest in Australia relative to the US, The predicted effect would be: An incorrect answer, no answer, or more than one answer, will receive a zero mark.
In a game such as SPR you need to make sure that your strategy cannot be predicted. Some states allowed advertising for glasses and eye examinations.
But we would need more information to know that her profits would increase when she sells more ice-cream. Hence the profit-maximising quantity supplied will decrease, and, from reading up to the demand curve, the profit-maximising price increases. The average fee increase at private schools was about 5 per cent, compared to 8 per cent last year, with the impact of the economic downturn tempering fee rises.
By contrast Alan is suggesting a strategy that has some degree of predictability. What is the deadweight loss associated with the private market outcome? The SMB is — Q. Hence the key aspect of a successful strategy will be for your choice of scissors, paper or rock to be unpredictable.
TWO hours Reading Time: What price per round of golf and what annual membership fee will earn the highest profits for the club?
Preferences of StKilda and Collingwood fans for these items are described in the table below. Solve by equating QD and QS: Hence there would be a partial second-mover advantage for whoever was playing against Gerry.
Both BHP and Smorgons will be eligible for the subsidy if they invest in larger production facilities.THE UNIVERSITY OF MELBOURNE DEPARTMENT OF ECONOMICS SEMESTER 1 ASSESSMENT, ECON INTRODUCTORY MICROECONOMICS Time Allowed: TWO hours Reading Time: 15 minutes This examination paper contributes 60% to the assessment in ECON More Essay Examples on Game theory Rubric.
The Response Sheet for the multiple-choice questions should be inserted in the back of the examination script book at the end of the examination - Microeconomics past exam paper introduction.
For the multiple-choice questions, you may use the examination script books to make notes or. Fill in the small circle in the appropriate place with a 2B pencil on the Response Sheet. ECON INTRODUCTORY MICROECONOMICS Time Allowed: TWO hours Reading Time: 15 minutes This examination paper contributes 60% to.
ECON Microeconomics past exam paper. Words Nov 2nd, 12 Pages. THE UNIVERSITY OF MELBOURNE DEPARTMENT OF ECONOMICS SEMESTER 1 ASSESSMENT, ECON INTRODUCTORY MICROECONOMICS Time Allowed: TWO hours Reading Time: 15 minutes This.
This paper will look at these areas. One area that will be looked at is the makeup of the group in terms of gender, education, and length of time with the organization. Another area that the paper will examine is what growth the organization has under went in the time it has been operating. ECON Microeconomics past exam paper.
ECON Microeconomics past exam paper. Topics: Game theory Suggestive Solutions Guide to Past Exam Papers Dr. M. H. Nabin 1 Important Message I have put some suggestive solutions or at least some hints for .Download