Questions one and two are on screenshots
A ABC wa in class activity Module 13 Q . Search in Document Home Insert Draw Design Layout References Mailings Review View Acrobat "+ Share Times New R... * 13 AaBbCcDdE AaBbCcDdE AaBbCcl|AaBbCcDd AaBl AaBbCcDal Paste B I U. abe X2 X2 AL A. Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Create and Share Request Pane Adobe PDF Signatures Q1: Maggie is one firm of many in the market for toothpaste, which is in long-run equilibrium. a. Draw a diagram showing Maggie's demand curve, marginal-revenue curve, average total cost curve, and marginal-cost curve. Label Sparkle's profit-maximizing output and price. b. What is Maggie's profit? Explain. c. On your diagram, show the consumer surplus derived from the purchase of Maggie toothpaste. Also show the deadweight loss relative to the efficient level of output. d. If the government forced Maggie to produce the efficient level of output, what would happen to the firm? What would happen to Maggie's customers? Q 2: You and a classmate are assigned a project on which you will receive one combined grade. You each want to receive a good grade, but you also want to avoid hard work. In particular, here is the situation: . If both of you work hard, you both get an A, which gives each of you 40 units of happiness. . If only one of you works hard, you both get a B, which gives each of you 30 units of happiness. . If neither of you works hard, you both get a D, which gives each of you 10 units of happiness. Page 1 of 2 334 words OF English (United States) Focus + 160%A ABC 3 in class activity Module 13 Q . Search in Document Home Insert Draw Design Layout References Mailings Review View Acrobat "+ Share Times New R... * 13 AaBbCcDdE AaBbCcDdE AaBbCcl|AaBbCcDd AaBl AaBbCCDdi 1 Paste B I U. abe X2 X ALA = = = 1 6.. Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Create and Share Request Pane Adobe PDF Signatures . If neither of you works hard, you both get a D, which gives each of you 10 units of happiness. . Working hard costs 25 units of happiness. Your Diction Wark OussiNite's SHA Mandeep Sidhu INCLASS ACTIVIY - Module13 Group: YOUR DECISION YOU YOU Page 1 of 2 334 words OF English (United States Focus + 160%A ABC wa in class activity Module 13 Q . Search in Document Home Insert Draw Design Layout References Mailings Review View Acrobat "+ Share Times New R... * 13 AaBbCcDdE AaBbCcDdE AaBbCc[|AaBbCcDd AaBl AaBbCCDdi Paste B I U . abe X2 X ALA . = = = $ 3 .. Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Create and Share Request Pane Adobe PDF Signatures YOUR DECISION YOU YOU CLASSMATE CLASSMATE CLASSMATE'S DECISION YOU YOU CLASSMATE CLASSMATE a. Fill in the payoffs in the following decision box: b. What is the likely outcome? Explain your answer. c. If you get this classmate as your partner on a series of projects throughout the year, rather than only once, how might that change the outcome you predicted in part (b)? d. Another classmate cares more about good grades: She gets 50 units of happiness for a B and 80 units of happiness for an A. If this classmate were your partner (but your preferences were unchanged), how would your answers to parts (a) and (b) change? Which of the two alonemoton would you senfor on n nnetnow? Would sha alan win Page 2 of 2 334 words English (United States) Focus + 160%A ABC w3 in class activity Module 13 Q . Search in Document Home Insert Draw Design Layout References Mailings Review View Acrobat "+ Share Times New R... * 13 AaBbCcDdE AaBbCcDdE AaBbCc[|AaBbCcDd AaBl AaBbCCDdi Paste B I U. abe X2 X ALA = = = 16 .. Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Create and Share Request Pane Adobe PDF Signatures a. Fill in the payoffs in the following decision box: b. What is the likely outcome? Explain your answer. c. If you get this classmate as your partner on a series of projects throughout the year, rather than only once, how might that change the outcome you predicted in part (b)? d. Another classmate cares more about good grades: She gets 50 units of happiness for a B and 80 units of happiness for an A. If this classmate were your partner (but your preferences were unchanged), how would your answers to parts (a) and (b) change? Which of the two classmates would you prefer as a partner? Would she also want you as a partner? Page 2 of 2 334 words English (United States) Focus E + 160%
