Question 1

In a competitive business market, one company's strategy might be to minimize its potential losses.

Accepted Answer

A) True 
 B)False

Question 2

CleanClothes dry cleaners is opening a pick-up and delivery service.There is only one other dry cleaner that currently offers this service.To advertise, CleanClothes is considering either newspaper ads or attaching flyers to the doors of many local homes.The payoff for each of CleanClothes' potential strategies is given in the table below.What strategy will CleanClothes (X)play?

Accepted Answer

A) X1 
B) X2 
C) Y1 
D) Y2 
A) X1 
B) X2 
C) Y1 
D) Y2

Question 3

CleanClothes dry cleaners is opening a pick-up and delivery service.There is only one other dry cleaner that currently offers this service.To advertise, CleanClothes is considering either newspaper ads or attaching flyers to the doors of many local homes.The payoff for each of CleanClothes' potential strategies is given in the table below.What is the saddle point, if any, of this game?

Accepted Answer

A) 37 
B) 17 
C) 16 
D) 8 
A) 37 
B) 17 
C) 16 
D) 8

Question 4

Game models are classified by the number of players, the maximum payoffs, and the likelihood of each outcome.

Accepted Answer

A) True 
 B)False

Question 5

When there is no saddle point, the game is a mixed strategy game.

Accepted Answer

A) True 
 B)False

Question 6

The upper value of the game is selected as the minimum of the maximum numbers in a column.

Accepted Answer

A) True 
 B)False

Question 7

Considering the following two-person game, what percentage of the time should X play strategy X2?

Accepted Answer

A) 1/3 
B) 2/3 
C) 4/9 
D) 5/9 
A) 1/3 
B) 2/3 
C) 4/9 
D) 5/9

Question 8

The student chapter of APICS and the student chapter of the HR Society both plan to hold their election of officers on the same night at the end of the semester.They have three ways to get the word out and are limited to only one channel each by the administration of Luddite University.The value of each decision is shown in the table.Which method should each group use and what is the value of this game?

Accepted Answer

APICS should use ema

Question 9

Explain the principle of dominance as used in game theory.

Accepted Answer

used to eliminate st

Question 10

A saddle point is a situation in which both players are facing pure strategists.

Accepted Answer

A) True 
 B)False

Question 11

Given the following two-person game, what strategy should the players play?

Accepted Answer

This is a pure strat

Question 12

Minimizing one's maximum losses is identical to maximizing one's minimum gains.

Accepted Answer

A) True 
 B)False

Question 13

Describe a two-person zero sum game.

Accepted Answer

a game of two contestants in w

Question 14

The lower value of the game is selected as the maximum of the minimum numbers in a row.

Accepted Answer

A) True 
 B)False

Question 15

In a zero-sum game, what one player gains is lost by the other.

Accepted Answer

A) True 
 B)False

Question 16

The minimax criterion is equivalent to maximizing one's minimum gains.

Accepted Answer

A) True 
 B)False

Question 17

CleanClothes dry cleaners is opening a pick-up and delivery service.There is only one other dry cleaner that currently offers this service.To advertise, CleanClothes is considering either newspaper ads or attaching flyers to the doors of many local homes.The payoff for each of CleanClothes' potential strategies is given in the table below.What strategy will the existing dry cleaners (Y)play?

Accepted Answer

A) X1 
B) X2 
C) Y1 
D) Y2 
A) X1 
B) X2 
C) Y1 
D) Y2

Question 18

The saddle point in a payoff matrix is always the

Accepted Answer

A) largest number in its column and the largest number in its row. 
B) largest number in its column and the smallest number in its row. 
C) smallest number in its column and the largest number in its row. 
D) smallest number in its column and the smallest number in its row. 
A) largest number in its column and the largest number in its row. 
B) largest number in its column and the smallest number in its row. 
C) smallest number in its column and the largest number in its row. 
D) smallest number in its column and the smallest number in its row.

Question 19

Table M4-2
Vanderbilt's offensive coordinator can choose to run, pass or use one of their vaunted trick plays for each play they run.The defensive coordinator for Texas Tech can choose to blitz, play their base defense or use a prevent defense each time Vanderbilt calls a play.The payoffs for each of these strategy combinations are neatly displayed in the table.
  
-Which play should Vanderbilt choose according to the information in Table M4-2?

Accepted Answer

A) Run 
B) Pass 
C) Trick Play 
D) Blitz 
A) Run 
B) Pass 
C) Trick Play 
D) Blitz

In a competitive business market, one company's strategy might be to minimize its potential losses.

Game models are classified by the number of players, the maximum payoffs, and the likelihood of each outcome.

When there is no saddle point, the game is a mixed strategy game.

The upper value of the game is selected as the minimum of the maximum numbers in a column.

Considering the following two-person game, what percentage of the time should X play strategy X₂?

Explain the principle of dominance as used in game theory.

A saddle point is a situation in which both players are facing pure strategists.

Given the following two-person game, what strategy should the players play?

Minimizing one's maximum losses is identical to maximizing one's minimum gains.

Describe a two-person zero sum game.

The lower value of the game is selected as the maximum of the minimum numbers in a row.

In a zero-sum game, what one player gains is lost by the other.

The minimax criterion is equivalent to maximizing one's minimum gains.

The saddle point in a payoff matrix is always the

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Exam 19: Game Theory

In a competitive business market, one company's strategy might be to minimize its potential losses.

Game models are classified by the number of players, the maximum payoffs, and the likelihood of each outcome.

When there is no saddle point, the game is a mixed strategy game.

The upper value of the game is selected as the minimum of the maximum numbers in a column.

Considering the following two-person game, what percentage of the time should X play strategy X2?

Explain the principle of dominance as used in game theory.

A saddle point is a situation in which both players are facing pure strategists.

Given the following two-person game, what strategy should the players play?

Minimizing one's maximum losses is identical to maximizing one's minimum gains.

Describe a two-person zero sum game.

The lower value of the game is selected as the maximum of the minimum numbers in a row.

In a zero-sum game, what one player gains is lost by the other.

The minimax criterion is equivalent to maximizing one's minimum gains.

The saddle point in a payoff matrix is always the

Introduction to Quantitative Analysis

Probability Concepts and Applications

Decision Analysis

Regression Models

Forecasting

Inventory Control Models

Linear Programming Models: Graphical and Computer Methods

Linear Programming Applications

Transportation, Assignment, and Network Models

Integer Programming, Goal Programming, and Nonlinear Programming

Project Management

Waiting Lines and Queuing Theory Models

Simulation Modeling

Markov Analysis

Statistical Quality Control

Analytic Hierarchy Process

Dynamic Programming

Decision Theory and the Normal Distribution

Mathematical Tools: Determinants and Matrices

Calculus-Based Optimization

Linear Programming: The Simplex Method

Transportation, Assignment, and Network Algorithms

Filters

Considering the following two-person game, what percentage of the time should X play strategy X₂?