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Author Question: In the figure above, the value on the x-axis increases as we move from A) point G to point A. B) ... (Read 79 times)

cartlidgeashley

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on: Jun 29, 2018
In the figure above, the value on the x-axis increases as we move from
 
  A) point G to point A.
  B) point C to point A.
  C) point F to point A.
  D) point E to point A.

Question 2

Rick and Kate want to go on a date. Rick wants to go to a rock concert while Kate wants to go to a movie. Rick values going to the concert at 100, while Kate values watching a movie at 50. What is the equilibrium in this situation?
 
  What will be an ideal response?


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ju

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

A

Answer to Question 2

Because Rick values going to the concert at 100, while Kate values watching a movie at 50, an efficient outcome can be reached if Rick decides to give an amount between 50 and 100 to Kate. Kate will be better off as she will get an amount higher than her valuation for the movie, and Rick will be better off as he will have to pay an amount lower than his value for the concert. Therefore, this equilibrium is efficient. However, the exact amount that Rick will have to pay will depend on his bargaining power.


cartlidgeashley

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

carojassy25

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Reply 3 on: Yesterday
Excellent

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