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# MT2 Review Answers - 29 \$100 30 \$160 31 100 32 D 33 C 34 B...

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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 player’s best action is the same regardless of the other player’s action, so the change will not affect the outcome. In the coordination game, however, each player wants to match the other player’s action, and so the change can guarantee that players won’t miscoordinate....
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