EC201
Microeconomic Principles I
微观经济学原理考试代考 Instructions This paper contains four questions. Answer all four questions. All questions carry 25 marks.Time Allowed Reading Time: 15 minutes
Instructions
This paper contains four questions. Answer all four questions. All questions carry 25 marks.
Time Allowed Reading Time: 15 minutes
Writing Time: 1 hour
You are supplied with: No additional materials
You may also use: No additional materials
Calculators: Calculators are not allowed in this exam
If during this exam you feel you need to make additional assumptions in order to proceed, then please do so stating your assumptions clearly.
Answer ALL four questions
Question 1 [25 marks] 微观经济学原理考试代考
Mohan is a utility maximising consumer whose utility function satisfies non-satiation and convexity and whose consumption bundle mirrors the average bundle in the UK. ) Each year Mohan’s employer increases his income in line with the Consumer Price Index (CPI).
(a) Before the pandemic, Mohan found himself sometimes better off and never worse off when his income increased in line with the CPI. Explain why this is the case. [10 marks]
(b) In the year of the pandemic Mohan found himself strictly worse off despite his income increasing in line with the CPI. Explain why this is the case. [Refer to course reading when answering this question]. [15 marks]
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Question 2 [25 marks] 微观经济学原理考试代考
Karen is a student taking a Microeconomics course with a final exam. She has 24 hours each day (T), which she can choose to spend either enjoying leisure (n) or studying (h), so n + h =T
Let c denote Karen’s Microeconomics coures mark. For every hour spent studying daily Karen expects to score 9 extra marks in the final exam (so c = 9h), for up to 9 hours of study daily. Karen cannot concentrate beyond 9 hours a day, so studying more than this does not improve her exam mark.
Karen’s decision utility is given by U(c,n) = min[2c,6n], whereas her experience utility is given by U(c,n) = min[2c,9n].
(a) Sketch Karen’s time constraint and her decision in a diagram with n on the horizontal axis and c on the vertical axis. [10 marks]
(b) Find how many hours Karen will study daily and her resulting exam mark. Show that her hours of study are suboptimal. [10 marks]
(c) Make one recommendation to improve Karen’s study decision, explaining briefly why it might be effective. [5 marks]
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Question 4 [25 marks] 微观经济学原理考试代考
Adele and Simon are a couple. Simon finds out that Adele has cheated on him. She can confess or else fight by denying the allegations. If Adele denies, Simon must decide whether to give up or fight by publicly accusing her. Both are public figures and would like their image not to be ruined. If Adele confesses, she gets a payoff 0 and Simon a payoff 2, regardless of what Simon does. However, if Adele denies the allegations and Simon gives up, then she gets a payoff of 2 and he gets 0. Both fighting publicly yields a payoff of -1 to both.
(a) Model this situation as a simultaneous game and find the pure strategy Nash Equilibria of the game. [7 marks]
(b) Model this situation as a sequential game (extensive form) and find the Subgame Perfect Equilibrium (SPE). [8 marks]
(c) Suppose that at the start of the game Simon kicks out Adele from their house, eliminating the option to give up if she denies the accusations. How does this change the SPE? Comment briefly on the result. [10 marks]
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