Quiz 2 Morning session

Quiz 2 Morning - INDIAN INSTITUTE OF MANAGEMENT INDORE PGP 1 Term 1 2011-12 Microeconomics for Managers Quiz2(Set 2 TIME 20 Minutes MARKS 20

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1 INDIAN INSTITUTE OF MANAGEMENT INDORE PGP 1 / Term 1 / 2011-12 Microeconomics for Managers – Quiz2 (Set 2) TIME: 20 Minutes MARKS: 20 NAME (CAPS):___________________________________________ SECTION____________ Instructions: 1. There are 20 questions and 4 pages in the question paper. 2. Use ink pens for writing. Untidy work or over-written responses will not be evaluated. 3. Each question carries one mark. There is NO negative marking. 4. Indicate answers by writing A/B/C/D (upper case only) in the box for all questions. 5. You may change the answer by putting a cross, and writing the new answer as shown below. You may change the answer further as shown below but no further change is permitted. _____________________________________________________________________________ 1. A tennis coach charges $15 per hour for tennis lessons for children and $30 per hour for tennis lessons for adults. The tennis coach is practicing A) First-degree price discrimination. B) Second-degree price discrimination. C) Third-degree price discrimination. D) Peak-Load Pricing 2. The ‘perfect information’ assumption of perfect competition includes all of the following except – A) Consumers know their preferences and available prices. B) Consumers know their income levels. C) Firms know their costs, prices and technology. D) Consumers can anticipate price changes. 3. A monopolist has determined that at the current level of output the price elasticity of demand is -0.15. Which of the following statements is true? A) The firm should cut output. B) This is typical for a monopolist; hence no worries based on this information. C) The firm should increase output.
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This note was uploaded on 03/01/2012 for the course STRATEGY Om121 taught by Professor Abhinavdhar during the Spring '12 term at Harvard.

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Quiz 2 Morning - INDIAN INSTITUTE OF MANAGEMENT INDORE PGP 1 Term 1 2011-12 Microeconomics for Managers Quiz2(Set 2 TIME 20 Minutes MARKS 20

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