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ECC1000 - Principles of microeconomics - S1 2025

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Anil and Bala have the choice of using either Integrated Pest Control (IPC) or Terminator (T) to solve the problem of pest insects. The table below shows their payoffs depending on their choice. The following diagram shows these possible outcomes on a graph. Based on the information above, read the following statements and select the correct one.

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The payoff matrix in a prisoner’s dilemma game is shown. Each player can choose Chemical fertiliser (C) or Organic manure (O). Read the following statements and select the correct one.

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Anil and Bala have the choice of using either Integrated Pest Control (IPC) or Terminator (T) to solve the problem of pest insects. The following table shows their payoffs depending on their choice and the following diagram shows these possible outcomes on a graph. Based on this information, read the following statements and select the correct one.

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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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