Econ 98 Salazar Final Review Session Problems Part II Fall 04. Name: SID: GAME THEORY EXTERNALITIES INTERNATIONAL TRADE
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1 GAME THEORY EXTERNALITIES INTERNATIONAL TRADE Game Theory What is a prisoner s dilemma? Dominant Strategy Nash Equilibrium Externalities Positive externalities extra marginal benefit to society Negative externailities extra marginal cost to society How to correct externalities Positive -> subisidy, Negative -> tax Where is the DWL on the graph International Trade What a PPC looks like, and what a CPC looks like How to calculate opportunity cost How to determine comparative advantage How to determine absolute advantage How to determine if there will be trade How to determine the acceptable prices of trade 1 of 6
2 Game Theory Our favorite plumber brothers are faced with a classic dilemma. Go for the coins, or save the princess. Both face a simultaneous move decision. The payoffs are given below and the standard game theory assumptions apply. Luigi M a r i o Save the Princess Get the Most Coins Save the Princess (6,6) (2,4) Get the Most Coins (4,2) (1,1) A) Name any dominant strategies Mario or Luigi might have. B) Is there a unique Nash equilibrium? C) Is this game representative of a prisoner s dilemma? Why or why not? 2 of 6
3 Externalities Matt is considering how many CD s to buy. Matt likes to play his music very loud. Luckily for Matt, his neighbors share his taste in music and like it when Matt plays his music loud. Matt s neighbors get an increasing marginal benefit for each CD Matt buys. A) Show this on a graph making sure to label the market price and quantity. B) Is the current outcome at socially optimum? Why or why not? C) Let us assume Matt s neighbors can only give a per unit subsidy. Will this affect the possibility of reaching the socially optimal outcome? If they are able to use a per unit subsidy to their advantage, how exactly do they use it? 3 of 6
4 International Trade 1. Consider the following world with only two countries, the United States and the Philippines. There are only two goods in the world, mangos and Xbox s. The values in the matrix below are how many hours it takes to produce a unit of the particular good. For simplification, both countries face the same labor constraint. Labor Hours = 1000 for both Countries United States Philippines Mangos.2.4 Xbox s.4.8 A) Calculate the opportunity cost of an Xbox in terms of mangoes for each county. B) Does any county have an absolute advantage? C) Will there be trade between the two countries? Why or why not? D) Suppose the US becomes more efficient in producing Xboxes so the time it takes to produce a single Xbox is reduced to.2. How does this change affect the determinants of trade between the US and the Philippines? 4 of 6
5 E) What is the lower and upper bound of a price of an Xbox in terms of mangos for both countries to agree to trade? ***F) (This is a challenging question that will not be covered within the regular time frame of the review session. For a solution, see Matt after for details.) Assume the price of an Xbox is in the middle of the bargaining range. Draw the PPC and the CPC for the United States. 5 of 6
6 2. Consider the following market for chocolate. The world price for chocolate is below the domestic price for chocolate here at home A) Draw a diagram for the domestic economy under closed trade and under free trade. B) Suppose domestic chocolate producers lobby for a tariff on chocolate imports. Show the effect on the domestic market for chocolate. C) A quota can be used to achieve the same domestic quantity and price. Show this on a diagram. Which would you rather choose to use, a tariff or a quota? Why? 6 of 6
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