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ECC1000 - Principles of microeconomics - S2 2025

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Which labeled bundle (A, B, or C) optimizes Angela's Utility at FF2? Enter only the letter, with no additional words, numbers, or symbols; if none are correct, enter NA.

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Which labeled bundle (A, B, or C) gives Angela the most utility? Enter only the letter, with no additional words, numbers, or symbols.

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Suppose Angela can consume B. Which labeled bundle (A, B, or C) will Angela choose? Enter only the letter, with no additional words, numbers, or symbols; if none of the labeled bundles correctly answer the question, type NA.

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Bruno is a landowner and Angela is a farmer who pays a share of her grain output to Bruno for the use of the land. Angela works 8 hours a day and produces 10 bushels of grain. Angela's subsistence level of consumption is 4 bushels of grain. Assume that if production does not occur, Angela gets 4 bushels from the government. Based on this information, read the following statements and select the correct one(s).

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Bruno is a landowner and Angela is a farmer who pays a share of her grain output to Bruno as rent for the use of the land. Consider the following figure, which shows Angela's and Bruno's combined feasible set. Based on the figure, read the following statements and select the correct one(s).

Image failed to load: Angela's and Bruno's combined feasible set

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Read the following statements about institutions (only considering the usage of the term in economics) and select the correct one(s).

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Suppose we modeled the fact that Bruno has an outside option. How would that change the balance of power between Angela and Bruno in this environment?

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We are currently assuming Bruno has no alternative to this interaction and no cost of interacting (other than the grain he gives to Angela). This is not reasonable. What are some costs (both direct and indirect) that Bruno would face from interacting.

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Suppose the chance of a revolt being successful (and you not dying during it) increased. Which of the following would happen? Select all that apply.

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Suppose Angela gets a machine that makes her better at producing grain, regardless of the numbers of hours she's working (as long as hours worked is greater than 0). Which of the following would happen to her production function, her feasible frontier, and her utility? Select all that are true.

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