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Midterm

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Department
Economics
Course
ECON 221
Professor
Michael Vaney
Semester
Fall

Description
Econ 221Introduction to Strategic ThinkingSummer 2011 Midterm Exam Total Duration 80 minutesLast Name Name Student Number This exam has 5 questions which in total are worth 50 marks Only non programmable calculators are allowed Exams taken in pencil may be refused a regrade at the instructors discretionQuestion 1 10 marks Consider the following simultaneous move game in which players only play pure strategies Player 2A B C D E 07 25 70 01 Player 1 F 52 33 52 01 G 70 25 07 01 H 00 02 00 101a Solve the game by iterated elimination of strictly dominated strategies 25 marks b Solve the game by iterated elimination of never best responses 25 marks c Find all the pure strategy Nash Equilibria 25 marksd What is the relation between iterated elimination of strictly dominated strategies elimination of never best responses and Nash Equilibrium 25 marks Question 2 10 marks A kidnapper lets call him K from now on is deciding whether to kidnap a very important businessman lets call him B from now on or not If K decides not to kidnap B K gets a payoff of 2 and B gets a p
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