Exam (elaborations)
ECC001 Developments in Microeconomics 2017 Coursework Test & Answers
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- Loughborough University (LU)
ECC001 Developments in Microeconomics 2017 Coursework Test & Answers for Loughborough University
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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
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