Economics Contest 9: Economics Quiz – 30 Hive Power to be won

Hi Everyone,

Welcome to the Economics Quiz.

Welcome to the ninth Economics Contest for 2023. This month is the Economics Quiz. This is a brand new contest for 2023. I have no additional information I can provide for this contest. Therefore, you will need to rely purely on the information given in this post. If anything is unclear, you can seek clarification in the comments section.

How to play?

The quiz contains 5 questions and 26 possible answers. This is a type of multiple choice quiz. Instead of 4 or 5 choices per questions, there 26 choices altogether. The answer for the question could be any of the 26 choices. They are not presented in any particular order. The answer to Question 1 could be Q and the answer to Question 2 could be D.

All the information you need to know to play the game is provided in the question; i.e. no external research is required.

All entries must be made in the comments section of this post.

Each account is only permitted one entry.

Hint: Standard of quiz is equivalent to first or second year colleague economics courses.

Objectives of the game

The objective of the game is to answer the most questions correctly. If there is a tie for first place, the participant who entered first wins.

If nobody answers any questions correctly, the prize of 30 Hive Power will be rolled over to the next contest (Christmas Contest).

What information is provided?

All questions are provided.
All answers are provided.

How are the results of the game determined?

The results are determined based on the number of questions answered correctly. The correct answers will be provided in the results post.

Contest Prizes

The account with the winning entry will receive 30 Hive Power and the first 12 entries will be given upvotes.

Let the contest begin

For questions 1, 2, and 3 refer to Figure 1 below.

Figure 1: Revenue and Cost Curves

Question 1: If the market is a monopoly, what is the profit for a firm?

Question 2: If there is first-degree (perfect) price discrimination, what is the profit for a firm?

Question 3: In the short-run, if the market is perfectly competitive, what is the profit for the industry?

Question 4: Jack earns $15 an hour. He normally works 8 hours a day. He is paid at the end of the day for the hours he has worked. His job is in walking distance from his home. On Tuesday, he decides to only work 7 hours. He needs to leave early to watch a movie at the cinema. A cinema ticket costs $6. The bus fare is $3 for a single trip to a bus stop outside the cinema. He buys a bucket of popcorn for $3 and a can of pop for $1. The movie is 3 hours long. After the movie Jack feels ill from eating too much popcorn. He buys medication for his stomach ache. The medication costs him $4. Jack goes home and spends the next day in bed. He returns to work on Thursday and is only able to work 6 hours. On Friday, he has fully recovered and is able to work his full day. What is Jack’s opportunity cost for his entire cinema experience?

Question 5: Jane bets $10 that she can roll a pair of 6’s using standard 6-sided dice. If she is correct she will win $710 plus her $10 is refunded. What is the expected value of Jane’s bet?

Below are the 26 possible answer to the above five questions.

Note: all answers above are in dollars

Entry format

For this contest, I expect to see entries made in the following format:

Question 1: ?
Question 2: ?
Question 3: ?
Question 4: ?
Question 5: ?

Example of entry

Question 1: X
Question 2: S
Question 3: C
Question 4: B
Question 5: L

The closing date and time for this contest is 6PM coordinated universal time (UTC) 01/12/2023. Responses after this time will not be accepted. The answers will be provided in the results post along with the video containing the generation of selling prices using the model.

I hope everyone has fun and enjoys the final contest in this series.

I have several collection of posts. I have organised these collections based on content and purpose.

The first collection contains six collection posts created before PeakD had the collection feature. Four of these posts relate to the core of my content, one of them contains all my Actifit Posts, and one of the them contains my video course ‘Economics is Everyone’.

The second collection consists of the posts that I consider define my channel. These posts are significant in terms of content as well as how they contribute to the growth of the channel. These posts reveal the most about what I believe in.

The third and fourth collection is what I call my ‘Freedom-base Economics living book’. They contain all the posts that support my ideas about the value and power of freedom. Some of these posts explain what we can achieve with freedom and what we need to utilise it. Some of them explain how we are deprived of freedom and how we often give up freedom for security and comfort. The third collection concludes with possible scenarios depending on what we (society) choose to do.