ECON 201 Chapter 5: Welfare Economics, Externalities & Non-classical Markets

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lilacjackal438

12 Feb 2019

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Part (a) [3 MARKS] Consider this program: Fill in the Python Shell output after this program has executed. >>> X L = [4, 10, 8] X = L. sort L.append(20) L2 = L[1:] >>> L >>> id(L) == id(L2)

1 \ 2	L	R
U	4, 4	0, 3
D	5, 0	1, 1

If this game becomes a perfect information game and is played sequentially, two things can happen: (i) case 1: player 1 moves first and player 2 moves second, and (ii) case 2: player 2 moves first and player 1 moves later. In case 2, the perfect equilibrium strategies and corresponding payoffs are __________ and in case 1, the perfect equilibrium strategies and corresponding payoffs are ____________. This suggests that players will prefer to play ________ rather than __________.

	A.	(D,R) (1,1); (U,L) (4,4) ; sequentially under case 1; simultaneously
	B.	(D,R) (1,1); (U,L) (4,4) ; sequentially under case 2; sequentially under case 1
	C.	(D,L) (5,0); (U,L) (4,4) ; game under case 2; game under case 1
	D.	(U,L) (4,4); (D,R) (1,1) ; sequentially under case 2; simultaneously

tealeagle783

QUESTION 8

All the Nash equilibrium points of the following game are : [mark all that apply]

1 \ 2	L	M	R
U	2, 2	8, 5	10, 6
D	4, 12	6, 10	12, 9

	A.	( (2/5, 3/5), (1/2, 1/2, 0) ) Ã (5, 8)
	B.	(U, R) Ã (10, 6)
	C.	(D, M) Ã (6, 10)
	D.	(D, L) Ã (4, 12)
	E.	( (1/2, 1/2), (0, 1/2, 1/2 ) ) Ã (9, 7.5)

magentalion418

ECON 201 Chapter 5: Welfare Economics, Externalities & Non-classical Markets

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