Select one or more: O a. A Pareto efficient outcome is where you cannot make anyone better off without someone else ending up worse off. Ob. All are happy with their share of income in a Pareto efficient outcome. O C. There is only ever one Pareto efficient outcome. d. If two people have £100 to split, any split in which all the money is used up is Pareto-Efficient, even if one person gets none.
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- Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good BDon and Melinda are each allocated 10 apples. Initially, Don's marginal worth for an apple is $0.75, while Melinda's marginal worth is $1.00. If transaction costs are $0.30 per apple: Don and Melinda will trade, with Don ending up with fewer than 10 apples and Melinda with more than 10 apples. (B) Don and Melinda will trade until Don's marginal worth for an apple equals Melinda's marginal worth for an apple. Both (a) and (b). Don and Melinda will not trade.Suppose Justine and Sarah are playing the dictator game. Justine is the dictator and has $150 to allocate. Based on repeated experiments of the dictator game, what amounts, on average, are Justine and Sarah most likely to receive? Multiple Choice O $87 for Justine and $63 for Sarah. $0 for Justine and $150 for Sarah. O $75 for Justine and $75 for Sarah. O $150 for Justine and $0 for Sarah. Prev 1 of 19 Next >
- Question 15 Compatibalism about free will is the thesis that Acting freely is compatible with not acting freely An action can be free even though it was caused by prior events over which the agent had not control O The universe is not deterministic, and we have free will. O Being in a deterministic universe is compatible with IndeterminismWhich of the following is one of the four economic principles of individual decision making? O Rational people make decisions based on average costs and benefits. O Rational people respond to incentives in predictable ways. The cost of something is the amount of money you pay to get it. O Both b and care correct. O a, b, and c are all correct.Modified True or False: State whether each statement is true or false. If the statement is false, briefly explain why it is so, and then restate it to make it true. k. Pareto efficiency or Pareto optimality is a condition where no change is possible that will make some members of society better off without making some other members of society worse off.
- 5. Gina and Bob are co-owners of a surf shop. Both Gina and Bob prefer to skip work and go surfing, but if they both surf, the shop is closed. Each co-owner must choose between working and surfing. If they both work, they earn $600 each. If both surf, they earn $200 each (the value they place on surfing). If only one of the co-owners surfs while the other works, the worker gets $800 and the surfer gets $1000. a. Suppose that Gina and Bob make their decision simultaneously. Depict their interaction on a payoff table showing all outcomes (payouts) payouts. Identify the equilibrium outcome(s). b. Now suppose that Gina is an early riser, whereas Bob sleeps in. Therefore, Gina decides first whether to work or surf. By the time Bob makes his decision, Gina has already committed to one of the two options. Depict this interaction in a sequential game tree. Show all the payouts and identify the equilibrium outcome(s). c. Would it be in Bob’s best interest to get up sooner, so that he can…See Hint Suppose you have a choice to go to a Katy Perry concert or a Lady Gaga concert on Friday night. You won a free ticket to see Katy Perry. You would pay as much as $160.00 to see Lady Gaga perform, but a ticket to her show costs $140.00. Suppose a friend offers you $65.00 for the Katy Perry ticket. The opportunity cost of going to the Katy Perry concert is $Jill and Jack both have two pails that can be used to carry water down from a hill. Each makes only one trip down the hill, and each pail of water can be sold for $4. Carrying the pails of water down requires considerable effort. Both Jill and Jack would be willing to pay $2 each to avoid carrying one pail down the hill, and an additional $3 to avoid carrying a second pail down the hill.a. If Jack and Jill each must decide whether to carry one or two pails of water down from the top of the hill, how many pails will each child choose to carry? ___ pail(s)b. Jill and Jack’s parents are worried that the two children don’t cooperate enough with one another. Suppose they make Jill and Jack share equally their revenues from selling the water. Given that both are self-interested, construct the payoff matrix for the decisions Jill and Jack face regarding the number of pails of water each should carry. Carry 1 pail Jack Carry 2 pails…
- Jill and Jack both have two pails that can be used to carry water down from a hill. Each makes only one trip down the hill, and each pail of water can be sold for $5. Carrying the pails of water down requires considerable effort. Both Jill and Jack would be willing to pay $4 each to avoid carrying one pail down the hill, and an additional $4 to avoid carrying a second pail down the hill. a. If Jack and Jill each must decide whether to carry one or two pails of water down from the top of the hill, how many pails will each child choose to carry? 2 pail(s) b. Jill and Jack's parents are worried that the two children don't cooperate enough with one another. Suppose they make Jill and Jack share equally their revenues from selling the water. Given that both are self-interested, construct the payoff matrix for the decisions Jill and Jack face regarding the number of pails of water each should carry. Instructions: In the payoff matrix below, enter the payoffs for each child for each possible…Tom, Dick, and Harry live in the same apartment building in downtown Los Angeles. Tom and Dick work at local auto parts stores, and each of them has an income of y dollars per week. Harry is less fortunate. He used to have a good job at the LAPD, but his penchant for firing large caliber weapons in crowded public places led to his dismissal. He currently has no income. Tom and Dick (who are originally from Texas) firmly believe in a man’s right to draw his gun in the defence of just about anything, and are happy to financially support Harry. Tom gives Harry zT dollars each week, and Dick gives Harry zD dollars each week Tom’s utility UT depends upon the dollar value of his own weekly consumption, cT , and of Harry’s weekly consumption, cH : Likewise, Dick’s utility UD depends upon the dollar value of his own weekly consumption, cD, and of Harry’s weekly consumption: Harry spends all of the money that he receives from Tom and Dick. Tom and Dick spend…Suppose that 10 people live on a street and that each of them is willing to pay $2 for each extra streetlight, regardless of the number of streetlights. Assume the cost of providing x streetlights is given by c() = x². a. What is the Pareto efficient number of streetlights to provide? b. How many streetlights will the market provide if all people choose whether to by streetlights independently? Assume individuals make the choice of whether to buy a street light sequentially. c. Imagine the government offers a subsidy of 1 dollar for each street light purchased. What will be the equilibrium number of streetlights? d. Suggest two policies the government may implement to achieve the efficient provision of street lights.