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International University IU QUANTITATIVE METHODS FOR BUSINESS (FALL 2013) SAMPLE TEST MIDTERM EXAMINATION PART 01: MULTIPLE CHOICE QUESTIONS (20 POINTS) 1. (1 pt) Given the following two-person game, which strategy can be eliminated by use of dominance? Y1 Y2 13 0 X2 6 8 X3 12 14 a. X2 c. Y2 b. Y1 e. X1 d. X3 The following payoff table is using for next 6 questions. 2. (1 pt) What decision would an optimist make? a. Alternative 1 c. State of Nature A b. Alternative 2 e. Alternative 3 d. Do Nothing 3. (1 pt) What decision would a pessimist make? a. Alternative 1 c. State of Nature B b. Alternative 2 e. Alternative 3 d. Do Nothing 4. (1 pt) What is the best…show more content…
c. the sum of losses for one player must equal the sum of gains for the other player. d. None of the above. Powered by TAs (Le Phuoc Thien Thanh and Le Nhat Ho) | Fall 2013. [Quantitative Methods for Business] | MIDTERM EXAMINATION: SAMPLE TEST a. a risk seeker. 3 International University IU Use the following data for the next three questions: State of nature X Y Z p1 = 0.30 P2 = 0.50 p3 = 0.20 A 80 60 20 B 70 65 30 C 50 25 95 D 40 85 45 16. (2 pts) The best alternative according to EMV is: ______ and EMV = ______ 17. (2 pts)The best alternative according to EOL is: ______ and EOL = ______ 18. (1 pt) If using Equally likely criterion, the best alternative is: ____________ PART II: WRITING PART (80 POINTS) QUESTION 01: (15 POINTS) Player I holds a black Ace and a red 8. Player II holds a red 2 and a black 7. The players simultaneously choose a card to play. If the chosen cards are of the same color, Player I wins. Player II wins if the cards are of different colors. The amount won is a number of dollars equal to the number on the winner’s card (Ace counts as 1.) - Establish the payoff table Find the value of the game and the optimal mixed strategies of the players. QUESTION 02: (15 POINTS) A well-known ice cream shop, Thien Ly, wants to predict the sales of their ice cream in next quarter to prepare materials and labor. They have accumulated

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