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(a) Suppose a monopolist sells its product in two different markets separated by some distance. The demand curves in the markets given by q1 = 110 -2p1 and q2 = 35 - pz. Marginal and average costs are constant at Rs. 15. (i) If the monopolist can maintain the separation between the two markets, what are total profits in this situation? (ii) Suppose the firm could adopts a linear two part tariff under which marginal prices must be equal in the two markets but lump-sum entry fee might vary. What pricing policy (third degree price discrimination or linear two part tariff) should the firm follow? b) The payoff matrix of the two rival players is given as; Player 2 L R Player 1 T 4.4 2.6 B 6.2 0.0 (i) Find the pure-strategy Nash equilibrium or equilibria. Compute the mixed-strategy Nash equilibrium. As part of your answer, draw the best- response function diagram for the mixed strategies. (iii) Suppose the game is played sequentially, with player 1 moving first. Write down the normal and extensive forms for the sequential version of the game. (iv) Using the normal form for the sequential version of the game, solve for the Nash equilibria. (v) Identify the proper sub-games in the extensive form got the sequential version of the game. Use backward induction to solve for the subgame-perfect equilibrium. Explain why the other Nash equilibria of the sequential game are "unreasonable'. (c) Explain marginal cost pricing dilemma that arises under natural monopoly. (a) There is a 50 KM long beach which has two ice cream stands, A and B, located at 20 KM and 35 km respectively, from the starting point. They sell identical ice cream cones, which for simplicity are assumed to be costless to produce. The buyers of ice cream cones are located uniformly along the beach, one at each unit of length. Each buyer consumes one cone daily. Carrying ice cream a distance 'd' back to one's beach umbrella costs 0.05d', where d is the distance (in km) of the buyer from the ice cream stand. In the context of Hotelling's Beach location model; (i) Find the location of the buyer who is indifferent between buying ice cream from A and B. (ii) Find the total sales of ice cream one ice cream cone. (iii)Find the equilibrium prices chaA APP AaBbCcOdle A&BbCDdE AaBbCCD A BbCCDdE A E E Normal No Spicing Heading 1 Hhiding ? Region 1: England A study of gravestones from three different locations in England and Wales was published that documented weathering rates by measuring how much material was lost from gravestones collected from a cemetery and this data was plotted against how much time had passed since the gravestone was initially placed. Because gravestones typically come with inscriptions and can be accessed at public sites, they provide a powerful tool for exploring weathering on man-made structures. Also, many gravestones are sourced from local stones, meaning that it is relatively easy to collect data on comparable [or Identical) rock types. 1. Weathering rates are often reported in terms of millimeters per year (mm/yr) of material lost due to chemical weathering. Based upon what you know about different rock types and their weathering rates, what factors might Influence the rate of chemical weathering of gravestones? Include at least 2 substantial factors. (2 points) 2. Based upon what you know about different rock materials and their weathering rates, what type of rocks would probably produce the most reliable gravestone markers, if you wanted to create a gravestone that was durable in any region of the world. (2 points] Focus F5 FB 5 B 9Question 19 4 pts A number of countries in the world have achieved sustained economic growth, In all of these countries, what is the source of this growth? Increases in the population O Diminishing returns Increases in productivity Natural resource endowments Question 20 4 pts Retired people who are still capable of working are part of the adult population but not part of the labor force. O True O False Question 21 4 pts In 1988 the value of real GDP was $8,717.76 billion and the population was 245.15 million. Calculate real GDP per capita. Round to two decimal places. Do not enter a percent sign. Question 22 4 pts An increase in the minimum wage is likely to the quantity of labor demanded and at the same time is likely to _._. the quantity of labor supplied. O decrease : Increase O decrease : decrease O increase : decrease (0 increase : increase 3 Question 23 4 pts At an annual growth rate of 3.5% it will take approximately years for a country's GDP to double. Over the next 80 years, how many times will GOP double, assuming the growth rate does not change? if GDP starts at a value of $10 million, then in 60 years the value of GDP will be $ million. In 60 years the value of GDP will be times larger than it is today.Refer to the figure below and assume that the values for points a, b, and c (the combined value of consumer goods and capital goods) are $10 billion, $20 billion, and $16 billion, respectively. The Macroeconomy PPF PPF Capital goods Consumer goods7. The term "real GDP" refers to A the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income. b GDP data which reflect changes in both physical output and the price level. the sum of all monetary transactions which occur in the economy in the current year. d GDP duin which have been adjusted for changes in the price level. He country's nominal GDP is $6 trillion and the price index is 1501%, then the real GDP is $9 million 50104 trillion. d 5900 billion 9. Economic growth is best defined as an increase in a. real GDP per capita. . nominal GDP. b. nominal GDP per capita. d. werage wealth per capita. 10. Society can increase its real output, ie. have economic growth, by increasing its resources and by A. increasing the productivity of those resources. b. achieving a 5%% unemployment rate. c. importing more and exporting less. - d doing all of the above. 1 1. The record of economic growth in the U.S. over the past 50 years shows that the U.S. has a achieved growth in both real GDP and in real GDP per capita. b. had higher growth rates than most other industrial nations such as Japan and Germany. c. not experienced economic growth. d. achieved growth in real GDP but not in real per capita GDP. 12. What is the effect of economic growth on the U.S. economy? a Improved products and services b. Increases in leisure for Americans c. Rising real wages and incomes d. All of the above 13 . National income accountants can avoid multiple counting by: A. including transfers in their calculations. B. only counting final goods. C. counting both intermediate and final goods. D. only counting intermediate goods. 48 41 81 50
