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ARE 100B - Midterm 2 Key, version C

# ARE 100B - Midterm 2 Key, version C - ARE 100b M Whitney...

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ARE 100b M. Whitney Spring 2009 YOURNAME: __________________________________ __ SECOND MIDTERM This exam has two sections. Section A consists of 10 multiple-choice questions, each worth 10 points .. Total possible points in Section A = 100. Section B consists of 5 problems each worth 30 points. Partial credit is given for correct approach even iffmal answer is incorrect, so show your work! Total possible points in Section B = 150. Total points in this exam: 250

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, SECTION A Multiple choice--I 0 points each I. Suppose two finns, A and B, have fonned a cartel. Their cost functions are: TCa = 11 qa +.1 qa"2 TCb = 14 qb + .05 qb"2 If you observe that firm A is producing 40 units, what else do you expect is true? a. Price is \$19. b .. Firm A's ATC is \$19. VFirm B's ATC is \$16.50. d. All of the above. e. None of the above. 2. Implicit cooperation among firms is a characteristic of which model below? ® dominant firm with a competitive fringe 3. In which type of auction below would the practice of "sniping" be effective in helping the seller achieve a better price? ) None of the above. Questions 4 and 5 refer to the payoff matrix below: Player 2 Player 1 (9,2) (4,3) (8, 1) (3,8) (-4,6) (2, 7) (7, -5) (4,6) (5,3)
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