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Author Question: Using Scenario 2 what would be the number of points that the testing company would have to award to ... (Read 85 times)

jasdeep_brar

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on: Jun 29, 2018
Using Scenario 2 what would be the number of points that the testing company would have to award to make students indifferent between guessing and not guessing even when the student has eliminated three of the answers if it still wishes to impose a
 
  five point penalty for guessing incorrectly. Would this be any different than awarding one point for correct answers and zero points for wrong answers?

Question 2

What condition must be satisfied so that society is producing the efficient mix of output? Why does this condition guarantee efficiency?
 
  What will be an ideal response?


TheDev123

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Reply #1 on: Jun 29, 2018
Answer to Question 1

What we need to do is to choose a figure that will make the expected value of guessing in this situation equal to the expected value of skipping the question which of course is zero. Therefore, what we are saying is that X/2 + (-5) = 0 . This implies that five points would have to be awarded for correct answers as well.

Answer to Question 2

It must be the case that price equals marginal cost for all products. This condition guarantees efficiency because products are produced up to the point where the social value of the marginal unit of the good just equals the cost of the marginal units of resources used to produce it.


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