Exam (elaborations)
ECC001 Developments in Microeconomics 2017 Coursework Test & Answers
- Course
- Institution
ECC001 Developments in Microeconomics 2017 Coursework Test & Answers for Loughborough University
[Show more]
Seller
Follow
StudyMadeEasy
Content preview
17ECC001 Developments in Microeconomics Coursework TestThe test will last for 45 minutes. Answer all questions in Sections A and B.
Section A contains 9 multiple-choice questions. Each question is worth 2 marks.
Section B contains 1 written question worth a total of 12 marks.
University approved calculators are allowed.
Answer Section A on the Multiple Choice Answer Sheet.
Answer Section B on the lined paper provided.
Add your registration number to all answer sheets.
Section A
1. Derek is considering whether to go to university. If he chooses not to go to
university, he will earn zero. If he chooses to go to university, he will earn
£15,000 with a probability of 0.4, £20,000 with a probability of 0.3, and £25,000
with a probability of 0.3. However, going to university will involve paying a
monetary fee, f. Derek has a utility function over any monetary amount, x, equal
to u(𝑥)=√𝑥. At what level of fee, f, will Derek be indifferent over going to university
(to zero decimal places)?
A. 9465
B. 19279
C. 23407
D. 140
E. 149
Questions 2 and 3 involve the following normal form game between player 1 (P1)
and player 2 (P2).
P2
M N
P1 X 3,3 5,0
Y 3,1 7,2
Continued overleaf….
1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudyMadeEasy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.69. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now