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- Econ 444-02 (Corporate Economics), Fall 2015Problem Set #2Due in class Thursday, September 24Problem 1. Alice and Barbra sell used CDs at music festivals. Each is decidingwhether or not to set up their booth at the last festival of the summer. The festivalis scheduled to take place in Alton, very near where Alice lives. It will cost her only$30 to travel the festival. Barbra is farther away, and it will cost her $100 to travelto Alton. Both Alice and Barbra would prefer to be only CD sellers at the festival,since they would avoid competition. If only one seller is at the festival, she will make$150 during the day (not counting travel costs). If both Barbra and Alice sell CDsat the festival, they will lower their prices and each make $50 during the day. BothAlice and Barbra receive $0 for not attending the festival.1. Draw the Normal Form of the game Alice and Bob are playing, be sure to labelthe game completely.2. Does either player have a dominant strategy? If so, what is it?3. List…1. A) Fill in the blanks in the table below. What is the value of TFC? Q TC TVC AC AVC AFC MC 1 $100 2 $70 3 $127 $37 4 $216 5 $49 6 $46 7 $399 8 $62 B) Draw two graphs using the numbers derived above – one graph showing TFC, TVC, and TC and the other showing AFC, AVC, AC, and MC.10. Sunk costs and decision making Carlos has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Deborah, vwhom Carlos has wanted to date for a long time, asks him to a party. Carlos vwould prefer to go to the party with Deborah and forgo the opera, but he doesn't want to waste the $100 he spent on the opera ticket. From the perspective of an economist, if Carlos decides to go to the party with Deborah, what has he just done? Made a choice that was not optimal Incorrectly allowed a sunk cost to influence his decision O Correctly ignored a sunk cost
- 1. The rules regarding economic decision maker behavior are: Group of answer choices A: Consumers behave rationally and maximize utility, but producers do not behave rationally B: Producers behave rationally and maximize profits, but consumers do not behave rationally C: consumers are ratiional and maximize utility, and producers are rational and maximize profits D: Consumers maximize total consumption, and producers maximize productionRead the following passage that describes why some consumers clip coupons while others don't. Then answer the question that follows. ▼ THE ECONOMIC RATIONALE BEHIND COUPON CLIPPING, BY THE APLIA ECONOMICS CONTENT TEAM If coupon clipping is so rewarding, why doesn't everyone do it? According to basic economic theory, the number one reason is that coupon clipping isn't actually free. Sure, it doesn't explicitly cost you money out of your pocket, but it does cost you time to scan newspapers, magazines, and the Internet for savings that sometimes seem insignificant. Economists refer to this as the opportunity cost of clipping coupons. For example, an hour spent clipping coupons means an hour less to spend earning income, enjoying leisure time, or sleeping. For those who have fewer high-value alternatives competing for their time, such as stay-at-home parents or retired senior citizens, coupon clipping may be time well spent. ACcording to the Wall Street Journal (Source: "Doing the Math on…Read the following passage that describes why some consumers clip coupons while others don't. Then answer the question that follows. V THE ECONOMIC RATIONALE BEHIND COUPON CLIPPING, BY THE APLIA ECONOMICS CONTENT TEAM If coupon clipping is so rewarding, why doesn't everyone do it? According to basic economic theory, the number one reason is that coupon clipping isn't actually free. Sure, it doesn't explicitly cost you money out of your pocket, but it does cost you time to scan newspapers, magazines, and the Internet for savings that sometimes seem insignificant. Economists refer to this as the opportunity cost of clipping coupons. For example, an hour spent clipping coupons means an hour less to spend earning income, enjoying leisure time, or sleeping. For those who have fewer high-value alternatives competing for their time, such as stay-at-home parents or retired senior citizens, coupon clipping may be time well spent. According to the Wall Street Journal (Source: "Doing the Math on…
- 7:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?"Uber eats usually has a promotion in which, if a customer orders more than $30 worth of food at a specific restaurant, the customer will get a discount of 15% off their order. "Answer the following questions concisely:1. Before this promotion starts, in general terms, what do a customer's marginal cost and marginal benefit curves look like? (eg Upward sloping, downward sloping, horizontal?). Be clear about what is being measured. 2. What is Uber's goal with this policy?3. How does this affect an average customer's marginal cost and marginal benefit curves, and their intersection? 4. What is a plausible secondary effect that is likely to happen that is not Uber's goal?1 explain the role of ceteris paribus in economic analysis
- 1. Road construction is going on Riccarton Road. 100 Uber drivers want to drop their passengers at the airport. Each driver is deciding whether to take Riccarton Road or take Blenheim Road. The cost of travelling through Riccarton Road is $10 (additional fuel required due to slow traffic), while the Blenheim Road route has a low fuel cost (theoretically let's assume $0) but takes more time to reach the airport. In deciding on a route, each driver cares only about income, denoted i, and his travel time, denoted t (where we have made the dollar value of one unit of travel time equal to 1). Driver's payoff is assumed to be his/ her profit (income - cost of travelling, including travel time). Assume that each driver has same income of $500. If m drivers are on Riccarton Road, the travel time for a driver on Riccarton Road is assumed to be m (in dollars). In contrast, if m drivers take Blenheim Road, the travel time for those on the Blenheim Road is 2m (again, in dollars). Drivers make…Four roommates are planning to spend the weekendin their dorm room watching old movies, and they are debating how many to watch. Here is their willingness to pay for each film: a. Within the dorm room, is the showing of a movie apublic good? Why or why not?b. If it costs $8 to rent a movie, how many moviesshould the roommates rent to maximize totalsurplus?c. If they choose the optimal number from part(b) and then split the cost of renting the moviesequally, how much surplus does each personobtainfrom watching the movies?d. Is there any way to split the cost to ensure thateveryonebenefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficientnumber and to split the cost of themoviesequally. When Judd is asked his willingnessto pay, will he have an incentive to tell thetruth? If so, why? If not, what will he be temptedto say?f. What does this example teach you about theoptimalprovision of…The graph contains information on candy bar consumption and production in the economy. What is the quantity that yields allocative efficiency, or the optimal allocation of Marginal benefit (MB) and marginal cost (MC) 10% MC candy bars? 9. 8. quantity of candy.bars: 3 MB SRPC 100 200 300 400 500 600 700 Quantity Classify the reasons that may contribute to the irrationability of people. May contribute to irrationality Likely does not contribute to irrationality transitivity overconfidence fairness weighing observations differently time screening reluctance to change mind signaling Answer Bank 2.