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Quantity of Output Price Total Cost Average Total Cost Total Revenue Profits 1 2 3 4 7.8 6.4 5.7Question 1 21 pts Suppose that a monopolistically competitive rm must build a production facility in order to produce a product. The xed cost of this facility is FC = $24. Also, the rm has constant marginal cost, MC = $3. Demand for the product that the rm produces is given by P = 27-3Q. Calculate the missing values in the following table below. Missing values are denoted by a number inside a bracket [X]. Some numbers have been lled in for you. Place your answers in the corresponding numbered elds below the table. Hint: All answers that you ll in will be integers (no decimals). Be sure to just type the numbers and do not type in dollar signs. If you enter negative numbers, be sure to include a minus sign H to the left of the number. Does Player B have a dominant strategy? If so, what is it? Top is a dominant strategy for Player B Bottom is a dominant strategy for Player B Left is a dominant strategy for Player B Right is a dominant strategy for Player B There is no dominant strategy for Player B Question 22 2 pts The following four questions are True/False. The strategy combination of Player A choosing Top and Player B choosing Left is a Nash Equilibrium. O True O False Question 23 2 pts The strategy combination of Player A choosing Top and Player B choosing Right is a Nash Equilibrium. O True O False Question 24 2 pts The strategy combination of Player A choosing Bottom and Player B choosing Left is a Nash Equilibrium. O True O FalseD Question 25 2 pts The strategy combination of Player A choosing Bottom and Player B choosing Right is a Nash Equilibrium. True O False D Question 26 2 pts What is the maximin strategy for Player A? O Top Bottom Left O Right There is no maximin strategy for Player A D Question 27 2 pts What is the maximin strategy for Player B? Top Bottom O Left O Right There is no maximin strategy for Player BQuestion 28 2 pts Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Using the backward induction method discussed in the online class notes, what will be the outcome of the game? Hint: Draw the game tree associated with this situation. Player A chooses Top and Player B chooses Left Player A chooses Top and Player B chooses Right Player A chooses Bottom and Player B chooses Left Player A chooses Bottom and Player B chooses Right Question 29 3 pts The table shows an industry with 12 firms and the market share (percentage) owned by each firm. Enter a number only. Do NOT put in dollar signs, commas, decimals or units. Firm Percentage of total sales A 16 B 14 C 12 D 12 E 10 F 8 G 6 H 6 15 4 K 4 W Calculate the HHI for this industry.D Question 30 3 pts If firms F and G decide to merge, what would the new HHI be? D Question 31 3 pts If firms C and D decide to merge, what would the new HHI be? (don't assume that firms F and G have merged from the previous question). The new HHI after firms C and D merge is _? D Question 32 3 pts If firms C and D decide to merge. This merger would be by the FTC because challenged, the post merger HHI > 1800 challenged, the merger would increase HHI by more than 100 unchallenged, the post merger HHI ATC. O P > MC. O MR > P. O P = MC. Question 9 2 pts When monopolistically competitive firms earn economic profits, other firms an industry in the long run. positive; enter zero; enter negative; enter zero; exit Question 10 2 pts Firms will a monopolistically competitive market until are eliminated. enter; losses enter; profits exit; short run profits O exit; long run profitsQuestion 11 2 pts When MR = MC and P = ATC for a monopolistically competitive firm, the firm is in short-run disequilibrium. long-run disequilibrium. long-run equilibrium. O neither short-run nor long-run equilibrium. Question 12 2 pts $ MC 16 ATC 14 3 12 10 D MR 20 23 25 30 Number of haircuts Refer to the graph above, which represents the demand and cost curves for Neat and Trim Barber Shop, a monopolistically competitive firm. The profit-maximizing number of haircuts for the Barber Shop is O 20 O 23 O 25 30 some value less than 20Question 13 2 pts Refer to the graph again. The profit-maximizing price of haircuts by Neat and Trim is O $10 O $12 O $14 O $16 some price less than $10 Question 14 2 pts If Neat and Trim maximizes profits, it of $80. receives a total revenue O earns a profit has a total cost O suffers a lossQuestion 15 2 pts If Neat and Trim maximizes profits, its equals $320. total cost total revenue O profit variable cost average cost marginal cost marginal revenue Question 16 2 pts If Neat and Trim maximizes profits, its is $240. total revenue total cost profit marginal revenue average cost O marginal cost O priceD Question 17 2 pts Refer to the graph. From society's point of view, the efficient output level is haircuts. O 20 O 23 O 25 O 30 O whatever amount of haircuts that occur at the horizontal intercept of the demand function D Question 18 2 pts Refer to the graph again. Suppose that the profits or losses incurred by Neat and Trim are a reflection of the Barber Shop industry as a whole. In the Barber Shop industry, in the long run, O firms will continue to earn economic profits. O firms will enter until all firms earn zero economic profit. O product demand will become perfectly inelastic the government will impose price controls to eliminate any economic profits.D Question 19 2 pts Suppose that two players are playing the following game. Player B Left Right Player A Top 2 5 Bottom | 0 1 3 8 Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The two players choose their strategies simultaneously. The payoffs are given in the table, where the number on the left is the payoff to Player A, and the number on the right is the payoff to Player B. How many possible outcomes are there in this game? 2 0 4 O & O 16 D Question 20 2 pts Does Player A have a dominant strategy? If so, what is it? Top is a dominant strategy for Player A Bottom is a dominant strategy for Player A Left is a dominant strategy for Player A Right is a dominant strategy for Player A There is no dominant strategy for Player A
