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Ec101F10_FinalEssays_101202 - Economics 101 UCLA Fall 2010...

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Economics 101, UCLA Fall 2010 Jernej Copic Essay questions for final exam. 12/2/10. In each of the following questions provide a short and precise answer. Give the answer in a paragraph form. When asked, provide appropriate examples. Otherwise, you may also give your answer using an example. In the final exam, the essay question will be chosen from one of these 14 questions, so if you can answer all 14 questions you should be fine. A complete answer on the final exam will yield 5 points. 1. Describe the difference between Pareto Efficiency (PE) and Equilibrium (Eq). 2. Give examples of situations (games or other): (i) that are PE and not Eq, PE and Eq, and a situation where there are both kinds of equilibria - PE and not PE. 3. Describe what is a strategy in a simultaneous game and in a sequential game. 4. In an alternating-offers bargaining game with 2 possible rounds (one offer of player 1 and one offer of player 2), how does player 1 determine his offer? Explain how the interest rate affects this.
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