Pareto-optimality Study guides, Class notes & Summaries

week 12 class slides notes

Chapter_03_Moon_Phases_and_Eclipses 1 T​he Moon moves slowly against the background of the constellations. True False 2 A​ny location on the Moon is sunlit for three weeks and is in darkness for one week as the Moon rotates. True False 3 I​n most months, there are no eclipses. True False 4 A​s the illuminated part of the Moon grows larger from new to full, it is said to "wane". True False 5 O​ur calendar divides the year into 30­day periods in recognition...

Summary HPI4001 Economics of healthcare lectures

Question 1 In a game, a dominated strategy is one where: It is always the best strategy It is always the worst strategy It is the strategy that is the best among the group of worst possible strategies. Is sometimes the best and sometimes the worst strategy Question 2 To trust a potential cooperator until the first defection and then never cooperate thereafter is a dominant strategy an irrational strategy a grim trigger strategy a non-cooperative finite game strategy a subgame imperfect strategy ...

PART 1 1. Which of the following is not an assumption of the linear breakeven model: a. constant selling price per unit b. decreasing variable cost per unit c. fixed costs are independent of the output level d. a single product (or a constant mix of products) is being produced and sold e. all costs can be classified as fixed or variable 2. Theoretically, in a long-run cost function: a. all inputs are fixed b. all inputs are considered variable c. some inputs are always fixed d. capital and labor...

Market Failure. Information Economics. Market vs. Government Failure. Pareto Optimality. Kalder-Hicks Optimality. Institutional Failure. Tiebout Competition. Privatization of Public Goods. Agency Theory (Principal-Agent Issues). Adverse Selection. Moral Hazard. Transaction Costs Economics. Provision and Production.

Question 1 Evidence from empirical studies of long-run cost-output relationships lends support to the: existence of a non-linear cubic total cost function hypothesis that marginal costs first decrease, then gradually increase over the normal operating range of the firm hypothesis that total costs increase quadratically over the ranges of output examined hypothesis that total costs increase linearly over some considerable range of output examined Question 2 Theoretically, in a long-run cost funct...

1. A dominant strategy differs from a Nash equilibrium strategy in that a. Nash equilibrium strategy does not assume best reply responses b. dominant strategy assumes best reply responses c. only Nash strategy applies to simultaneous games d. one dominant strategy is sufficient to predict behavior in a multi-person game e. Nash strategy is often unique 2. A key to analyzing subgame perfect equilibrium strategy in sequential games is a. predictable behavior b. an explicit order of play for at lea...

Question 1 In a game, a dominated strategy is one where: It is always the best strategy It is always the worst strategy It is the strategy that is the best among the group of worst possible strategies. Is sometimes the best and sometimes the worst strategy Question 2 To trust a potential cooperator until the first defection and then never cooperate thereafter is a dominant strategy an irrational strategy a grim trigger strategy a non-cooperative finite game strategy a subgame imperfect strategy ...

Question 1 Evidence from empirical studies of long-run cost-output relationships lends support to the: existence of a non-linear cubic total cost function hypothesis that marginal costs first decrease, then gradually increase over the normal operating range of the firm hypothesis that total costs increase quadratically over the ranges of output examined hypothesis that total costs increase linearly over some considerable range of output examined Question 2 Theoretically, in a long-run cost funct...