Economics 2151A/B Study Guide - Midterm Guide: Order Of New Brunswick, Real Wages

1) Ted chooses to study for his economics exam instead of going to the concert. The concert he will miss is Ted's of studying for the exam. A) discretionary cost B) monetary cost C) absolute cost D) comparative cost E) opportunity cost

By using backward induction, the perfect strategies and payoffs of players 1,2 and 3 are respectively: A. [(a, d, I), (b, C, G), (e, F, h)] → (-1, 6, 3) and [(A, d, I), (b, C, G), (e, F, H)] → (4,4,4). B. It is not possible to get such strategies C. [(A, d, I), (e, F, H), (b, C, G)] → (-1, 6, 3), [(a, D, i), (E, f, H), (b, C, G)] → (10, 8, 7) and [(a, d, I), (e, f, H), (b, c, G)] → (11,5,3). D. [(A, d, I), (e, F, H), (b, C, G)] → (-1, 6, 3)

34. Refer to exhibit 10.3, located at the end of the exam. At the profit maximizing (or loss minimizing) position, the monopolist should produce a. 1400. b. 750. c. 600. d. 500. e. 0.