Final Exam Review answers

One preliminary comment: Some of the duopoly problems reference "Cournot." The duopoly problems we looked at (the lysine and the bottled water problems) show the "Cournot" equilibrium. Cournot is the name of some guy who studied this competitive behavior among a few producers. A "Cournot equilibrium" is, indeed, a Nash-equilibrium. (But not all Nash-equilibria are Cournot equilibria.) Krugman and Wells use this terminology. It should not be confusing.

Here's what I came up with as far as the key goes. IM me (CinciDood) or email me if you think I got anything wrong.

1-C, 2-A, 3-C, 4-B, 5-A, 6-C,
7-A, 8-A, 9-D, 10-B, 11-B, 12-B,
13-B, 14-D, 15-A, 16-A, 17-B, 18-A,
19-B, 20-B, 21-D, 22-A, 23-A,
24-B, 25-B, 26-B, 27-A, 28-A, 29-A, 30-B, 31-A,
32-A, 33-D, 34-B, 35-A, 36-C, 37-B,
38-D, 39-A, 40-C, 41-B, 42-D,
43-C, 44-B, 45-C,
46-C, 47-C

The numbering restarts…

1-A, 2-D, 3-B, 4-D, 5-B,
6-D, 7-C, 8-A, 9-C, 10-B,
11-D, 12-C, 13-A, 14-A, 15-C, 16-C, 17-D, 18-C,
19-A, 20-C,
21-B, 22-B, 23-C, 24-C, 25-C, 26-B, 27-A,
28-A, 29-B, 30-B, 31-A,
32-D, 33-A, 34-B, 35-B, 36-B,
37-C, 38-B, 39-C, 40-B,
41-B