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ECC1000 - Principles of microeconomics - S1 2025

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Ali and Bilal are two neighboring farmers. Ali must decide whether to grow rice or cotton in this Kharif season, whereas Bilal must decide between rice, cotton, and maize. Their payoff matrix is given below. Based on the given information, read the following statements and select the correct one.

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Which of the following two are part of the definition of a game?

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The image represent a game tree. Which statement is correct about the kind of game is being played?

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The total effect is a decline in X left shoes purchased. The X is closest to: (Enter a whole number, with no special characters like dollar signs, and no letters.)

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The substitution effect is a decline in Y left shoes purchased. The Y is closest to: (Enter a whole number, with no special characters like dollar signs, and no letters.)

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The income effect is a decline in Z left shoes purchased. The Z is closest to: (Enter a whole number, with no special characters like dollar signs, and no letters.)

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The total effect of the increase in price is a decline of X units of food purchased. The X is closest to: (Enter a whole number, with no special characters like dollar signs, and no letters.)

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The substitution effect of the increase in price is a decline of Y units of food purchased. The Y is closest to: (Enter a whole number, with no special characters like dollar signs, and no letters.)

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The income effect of the increase in food price is a decline of Z units of food purchased. The Z is closest to: (Enter a whole number, with no special characters like dollar signs, and no letters.)

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What is the price of food on BC1? Enter a whole number, with no special characters like dollar signs, and no letters.

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