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Econ 201 Questions And Answers Graded A+

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Econ 201 Questions And Answers Graded A+...

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  • September 30, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ 201
  • Econ 201
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Easton
Econ 201 Questions And Answers Graded A+


First Welfare Theorem - Solution -Perfectly Competitive Market All goods sold are
somewhat equal; at equal prices)

-There are no externalities

-Pareto Efficient



Collusion - Solution An event where agents in a game reach an agreement over
strategies to play



Payoff Matrix - Solution A diagrammatic representation of a game which shows all the
possible strategies for each player/ all possible outcomes and payoffs.



Prisoners Dilemma - Answer A cause in which individually rational behaviour leads to a
jointly inefficient outcome



Nash Equilibrium - Answer A set of strategies (one for each player) in which each
players strategy is the best option for that player, given the chosen strategy of the other
player



Tit-For-Tat Strategy - Answer A strategy in which a player follows of course of action
consistent with the other players choices e.g. if one player does not cooperate, the
other player will retaliate



Dominant Strategy - Answer A players best choice, if it exists, regardless of his
opponents strategy



Inelastic - Answer Price change does not effect quantity e.g. insulin

, Elastic - Answer Price change effects quantity e.g. food



Determinants of Demand - Answer -prices of other goods

-income

-# of buyers

-consumer tastes



Determinants of Supply - Answer -Price of input

-price of labor

-# of sellers

-technology



Normal/Luxury goods - Answer Income goes up, demand increases e.g. food



Inferior Goods - Answer Income goes up, demand decreases e.g. public transportation



Elastic Demand - Answer Good with many substitutes



Regressive Tax - Answer Takes a larger tax from low income earners then high income



Progressie Tax - Ans Takes a larger tax from high income earners then low



Supply/Demand Shift Left - Ans Quantity falls; Price stays Ambiguous



Supply/Demand Shift Right - Ans Quantity rises; Price stays ambiguous



Price Floor - Ans Price control on how low a price can be charged to a product. When

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