ECON 302 Quiz: ECON 302 2012-3 Quiz
31 Jan 2019
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T h i s e x a m i s o u t o f t h i r t y ( 3 0 ) p o i n t s . D u r a t i o n : 3 6 m i n u t e s: consider a market with demand curve q = 32-3p and supply curve q = p-4. There is only one firm: [4] find the monopoly price and quantity. Show your work: [1] define pareto dominance, [4] carefully describe an outcome that pareto dominates the monopoly outcome from part (a), considering only participants in this market. Note: you will only receive points for the third property if the first two are both satisfied. Note: do not draw more than one game: only the first one will be graded. Hint: your answer should look like this (with actual numbers as payoffs, and possibly with the boxes and circles in different positions):
