ECC1000 - Principles of microeconomics - S1 2025
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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. Angela and Bruno’s feasible frontier is downward sloping and concave, while Angela’s reservation indifference curve is downward sloping and convex (as shown in the figure). If Bruno has all the bargaining power, read the following statements and select the correct one.
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In the following figure, a new legislation that restricts Angela’s hours of work to 4 hours and sets her minimum pay to 4.5 bushels has moved the allocation outcome from D to F. However, the legislation also states that longer hours are permitted if both parties agree. Based on this information, read the following statements and select the correct two.
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Peter and John have two apples and two oranges to share. The value (utility) of consuming a fruit depends on whether they already have a fruit of the same kind or not, but is independent of the consumption of the other kind of fruit. Their marginal utilities for each fruit are given in the table below. For example, if Peter consumes two apples and John two oranges, then the value of their consumption is 10 + 6 = 16 for Peter and 4 + 3 = 7 for John. Based on this information, select the following allocation that is Pareto efficient.
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Read the following statements regarding bargaining power and select the correct one.
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The figure shows Angela and Bruno’s feasible frontier and her reservation indifference curve, when Angela would accept any offers strictly better than her reservation position of no work and 2 bushels of government hand-out. Now consider the case where Angela cares about the fairness of distribution, such that she can reject an offer that she considers unfair and choose not to work. In such a case Bruno will also receive no income. Read the following statements comparing the new reservation indifference curve to the reservation indifference curve depicted in the figure and select the correct one.
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Alan and Beatrice have broken the rules and colluded in their coursework assignment, so the examiners are going to interview them. The interviews are taking place simultaneously and there is no communication allowed between the two. The students can either deny or confess to have colluded. The raw marks without penalty are 65 for Alan and 70 for Beatrice. The examiners have decided on the following scheme: if they both deny they will still be penalised by 20 marks respectively, if one denies and the other confesses then the denying student gets zero marks while the confessing student retains their raw mark, and if they both confess, then they both get the pass mark of 40. The possible outcomes are summarised in the table below. Based on this information read the following statements and select the correct one.
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Assume that player A is always better off by doing some specific strategy, e.g. going “right” in a left or right game, regardless of player B’s decision. Based on this information read the following statements and select the correct one.
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The table below displays the enjoyment of Amy and Ben based on their respective choices of weekend activities, namely going to a concert or playing tennis. The first number represents Ben’s level of enjoyment, while the second number represents Amy’s level of enjoyment. Read the following statements and select the correct two.
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Ronnie and Lizzy are elementary school math teachers with adjacent classrooms. Both like to teach math through group activities that involve team work and moving around in the classroom. While this causes noise (enough to disturb the other’s class), they continue to use activities to teach math as the kids love them. The payoff matrix below shows the satisfaction each attains from lessons taught with and without the use of activities. Based on the information given above, read the following statements and select the correct two.
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Read the following statements about the Pareto efficiency of the different allocations in the payoff matrix in the figure and select the correct two.
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