MT2 Review Answers - 29. $100 30. $160 31. 100% 32. D 33. C...

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ECO 304K: INTRODUCTION TO MICROECONOMICS Unique # 33645 Fall 2009 Prof. Wiseman Answers to Practice Questions for Midterm 2 3. $15.45 4. $15 5. C 6. D 7. B 8. B 9. C 10. B 11. B 12. mark-up (P – c)/P = 1/E D = ½, or 50%. 13. (P – 10)/P = 1/1.5, so P = 30. 14. (50 – 40)/50 = 1/5, so E D = 5. 15. B 16. B 17. A 18. D 19. E 20. D 21. A 22. C 23. E 24. D 25. $100 26. $150 27. $80 28. $130
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Unformatted text preview: 29. $100 30. $160 31. 100% 32. D 33. C 34. B 35. B 36. $125,000 37. In a prisoners dilemma, each players best action is the same regardless of the other players action, so the change will not affect the outcome. In the coordination game, however, each player wants to match the other players action, and so the change can guarantee that players wont miscoordinate....
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This note was uploaded on 02/14/2010 for the course ECO 304K taught by Professor Hickenbottom during the Spring '10 term at University of Texas at Austin.

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