"economics"exercise:the consumer surplus
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Questions 1:
The two dominant supermarket chains in the area are attempting to increase their market share by moving to 24-hour service instead of closing at 9 p.m. every night. The strategic outcomes and payoff matrix that arise from their actions are depicted in the diagram (with the shaded sections representing payoffs for Chain 2).
According to the Nash equilibrium, the best strategy is for:
A 、both chains to open for 24 hours.
B 、only Chain 2 to open for 24 hours.
C、 both chains to close at 9 p.m.
Questions 2:
First-degree price discrimination is best described as pricing that allows producers to increase their economic profit while consumer surplus:
A 、is eliminated.
B 、increases.
C、 decreases.
A is correct. Each company will consider the other’s reaction in selecting its strategy. Using the following summary, it is best for both chains to provide 24-hour service.
B is incorrect because it produces the highest combined profit from all combinations but is not relevant for any 1 chain in this market environment.
C is incorrect. As indicated in the table, both chains have an incentive to open for 24 hours because they will do better regardless of what their competitor does.
A is correct. In first-degree price discrimination, the entire consumer surplus is captured by the producer; the consumer surplus falls to zero.
B is incorrect. In first degree price discrimination, the entire consumer surplus is captured by the producer; the consumer surplus falls to zero.
C is incorrect. In first degree price discrimination, the entire consumer surplus is captured by the producer; the consumer surplus falls to zero.
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