Ecn601 topic Study guides, Class notes & Summaries
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ECN 601 Topic 6 Problems; Chapter 17, 19, 20
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1.	Question: The expected value of an uncertain outcome is: 
2.	Question: If your uncle offers you a deal with an expected value much greater than your cost to take part: 
3.	Question: You have to choose between risky options A and B. You calculate the expected value of A is greater than the expected value of B by am3%. Your likely course of action is: 
4.	Question: You have to decide whether to sell widgets for $5 or $6 when your marginal cost is $3. In the past, you have had 15% success mak...
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ECN 601 Topic 8 Exam 2 (40 Multiple Choice)
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1.	Question:Forjointlyownedsubstituteproducts,cannibalizationleads toMR	MC. 
2.	Question:Use the table provided to answer the following question. If the groups are of equal size andthe firm can onlysetoneprice,howshould the firmpricethehigh-end wok? 
3.	Question:TheoptimalstrategyinaVickeryauctionisto: 
4.	Question:Whichofthefollowingisascreenagainstadverseselection? 
5.	Question:The general rule to increase profits when two close complementary brands are jointly ownedis: 
6.	Question:Indirectpr...
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ECN 601 Topic 5 Problems; Chapter 15, Chapter 16.
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1.	Consider the following sequential game in which player 1 selects first between A, B, C, and D,andplayer2selects secondeitherXorY.Whichstrategy doesplayer1selectinequilibrium? 
2.	fr1me05h.Ch15-2.01: What is the Nash equilibrium of the following game? 
3.	fr1me05h.Ch15-3.01: Which of the following is true of a prisoner’s dilemma? 
4.	Consider the following game representing hockey team’s choices to wear a helmet or not prior to the NHL mandating the wearing of helmets. 
5.	What is the Nash...
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ECN 601 Topic 4 Exam 1 (Multiple Choice)
- Exam (elaborations) • 17 pages • 2023
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1.	Question:Theopportunity cost ofanactionis: 
2.	Question:Priceceilingscause: 
3.	Question:Acompanyinvested$400,000inatechnologythatreducedtheoverallcostsof production by reducing their cost per unit from $2 to $1.85. Later, amanagerhasanopportunitytooutsourceproductiontoanothercompanyatacostperunitof$1.75.Ifyouare themanager,you: 
4.	Question:Anincreaseinthepriceofacomplementshiftsthedemandcurvetothe: 
5.	Question:Afirmsells1,000unitsperweek.Itcharges$15perunit,theaveragevariablecostsare$10,an...
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ECN 601 Topic 4 Exam 1 (Multiple Choice)
- Exam (elaborations) • 17 pages • 2023
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1.	Question:Theopportunity cost ofanactionis: 
2.	Question:Priceceilingscause: 
3.	Question:Acompanyinvested$400,000inatechnologythatreducedtheoverallcostsof production by reducing their cost per unit from $2 to $1.85. Later, amanagerhasanopportunitytooutsourceproductiontoanothercompanyatacostperunitof$1.75.Ifyouare themanager,you: 
4.	Question:Anincreaseinthepriceofacomplementshiftsthedemandcurvetothe: 
5.	Question:Afirmsells1,000unitsperweek.Itcharges$15perunit,theaveragevariablecostsare$10,an...
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ECN 601 Topic 6 Problems; Chapter 17, 19, 20
- Exam (elaborations) • 17 pages • 2023
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CHAPTER 17 
1.	Question: The expected value of an uncertain outcome is: 
2.	Question: If your uncle offers you a deal with an expected value much greater than your cost to take part: 
3.	Question: You have to choose between risky options A and B. You calculate the expected value of A is greater than the expected value of B by am3%. Your likely course of action is: 
4.	Question: You have to decide whether to sell widgets for $5 or $6 when your marginal cost is $3. In the past, you have had 15%...
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ECN 601 Topic 8 Exam 2 (40 Multiple Choice)
- Exam (elaborations) • 14 pages • 2023
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1.	Question:Indirectpricediscrimination differsfromdirectprice discriminationbecause: 
2.	Question:What is it called when each additional worker hired contributessuccessively smalleramountsofoutput? 
3.	Question:Jim has a better chance of having his offer accepted, since the seller doesnothaveanyoutsideoffers. 
4.	Question:For a production function with a diminishing, but positive, marginal productoflabor: 
5.	Question:Nashequilibriumis: 
6.	Question:Moralhazardimpliesthat: 
7.	An HVAC company i...
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ECN 601 Topic 8 Exam 2
- Exam (elaborations) • 8 pages • 2023
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1.	Question:TheoptimalstrategyinaVickeryauctionisto: 
2.	Question:Tomwantstoavoidanyaccidentsontheworkfloorofhisfactory.Ifanaccidentdoesoccur,itwouldcosthim $500,000 in damages. Installing safety equipment would decrease the probability of an accidentoccurring from 20% to 10%. However, the equipment costs $20,000 to install. What is his expected lossafterinstalling thesafetyequipment? 
3.	Question:Whichofthefollowingisaviolationofantitrustlaws? 
4.	Question:Whatisitcalledwheneachadditionalworker...
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ECN 601 Topic 3 Problems; Chapters 7, 8, 9
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Problems: Chapters 7, 8, and 9 
1. Individual Problems 7-3 
The variety of Riverside Ranger logo T-shirts includes 12 different designs. Setup between designs takes one hour (and $15,000), and, after setting up, you can produce 1,000 units of a particular design per hour (at a cost of $5,000). 
Note: Assume Q denotes the quantity produced of a particular design. 
Which of the following best represents the average cost function for producing any single design? 
Based on this information, prod...
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ECN 601 Topic 4 Problems Chapter 12, Chapter 14
- Exam (elaborations) • 8 pages • 2023
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Problems Chapter 12 
1.	Question:A top producer of tennis balls has recently started manufacturing tennis rackets, a complementary product to tennis balls. As a result, it should 
2.	Question:A very profitable, high-margin chain of ice cream shops has acquired its main competitor, a low-margin frozen yogurt chain. It should 
3.	Question:Long-run marginal cost 
4.	Question:Advertising that conveys an image of high product quality makes demand accompanied with a ______ . 
5.	Question:To go along w...
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