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ECC1000 - Principles of microeconomics - S1 2025

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What is/are the Nash Equlibria in this game? 

Type in the Nash Equilibrium in the format of (Agree/Disagree, Agree/Disagree). If there are none, type NA.
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Does Group 2 have a dominant strategy? If so, type in Group 2's dominant strategy (Agree or Disagree).  If there is no dominant strategy, type NA.

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What is the best response for Group 1 when Group 2 chooses Agree? 

Only type "Agree" or "Disagree" without the quotation. If there is no best response, type NA.

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Who will achieve higher utility? Jack or Angela?

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Jack sees Angela’s choice and decides to do the same as he knows he has the same preference as Angela. If you are Jack’s friend and want the best for Jack, how many hours would you suggest he works?  Please write down one of the following: Exactly 5 hours, more than 5 hours or less than 5 hours.

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In Sansa's optimal bundle, how many Barbie dolls will she purchase? Please enter a whole number only, with no space, no letters, and no special characters like dollar signs. 

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In Sansa's optimal bundle, how many Hummel figurines will she purchase? Please enter a whole number only, with no space, no letters, and no special characters like dollar signs. 

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Bruno is a landowner and Angela is a farmer who pays a share of her grain output to Bruno for the use of the land, where Bruno makes a take-it-or-leave-it offer. The figure shows Angela and Bruno’s feasible frontier and Angela’s reservation indifference curve. Now the government introduces new laws that limits Angela’s work time and/or sets a minimum pay in bushels of grain. Assume Angela has a total of 24 hours. If D is the outcome before any laws, which of the following statements is correct?

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The figure shows the Pareto efficiency curve CD for the interaction between Angela and Bruno. Read the following statements and select the correct one.

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The formal calculation of the Gini coefficient is as follows: (i) Find the difference in income between every possible pair in the population, (ii) Take the mean of these differences, (iii) Divide (ii) by the mean income of the population and (iv) The Gini coefficient is (iii) divided by 2. Consider a population with three members and an aggregate income of 100. Read the following statements and select the correct two.
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