"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).

economics exercise:the consumer surplus

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.

View answer resolution

【Answer to question 1】A

【analysis】

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.

economics exercise:the consumer surplus

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.

【Answer to question 2】A

【analysis】

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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