ps11 - ECON1001: Principles of Microeconomics Problem set...

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ECON1001: Principles of Microeconomics Problem set #11 Due date: NO NEED TO HAND IN. Answers will be posted on the tutorial website. Name: Student ID: (Please print) Subclass: ECON1001 A / B / C / D / E / F / G / H (circle one) Lecturer: Dr Démurger / Dr Wong / Dr Yip (circle one) A note from the instructor: The problem set is meant to help students review the concepts learnt in this course. Try to do it on your own. If students were attentive in class and have read the corresponding chapters, this problem set should not take more than thirty minutes for most students. Remember! One hour of hard work today will save you more than several hours of hard work tomorrow. If you have difficulty in some specific questions, please mark “please discuss” next to those questions. The TA will try to cover them in discussion sections. Please choose the best answer to each multiple choice question by filling the oval in the following table. Please discuss A B C D E 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
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Do not hand in this question paper. ECON1001 Problem Set #11 - 1 - 1. Which factor, if it were present, would lessen the ability of the Coase Theorem to solve an externality? A) The situation is already efficient. B) Negotiating requires hiring a lawyer. C) The parties are all self-interested. D) The potential gain in surplus is high. E) Property rights have already been assigned to one of the parties. Use the following to answer questions 2: Suppose there are ten people playing cards in a room. One of them wants to smoke a cigar; nine of them dislike the smell of cigar smoke. The smoker values the privilege of smoking at $5, and each of the other
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ps11 - ECON1001: Principles of Microeconomics Problem set...

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