Question 1

Considering the following two-person game,what percentage of the time should X play strategy X2? Y1 Y2
X1 6 3
X2 2 8

Accepted Answer

A) 1/3 
B) 2/3 
C) 4/9 
D) 5/9 
E) None of the above 
A) 1/3 
B) 2/3 
C) 4/9 
D) 5/9 
E) None of the above A

Question 2

The value of a two-person pure strategy game is equal to the lower value of the game.

Accepted Answer

A) True 
 B)False  True

Question 3

The value of the following game is 2.5.Therefore, Y1 Y2
X1 3 2
X2 -1 6

Accepted Answer

A) X1 will gain 2.5 points. 
B) X2 will gain 2.5 points. 
C) X will gain 2.5 points. 
D) Y will gain 2.5 points. 
E) None of the above 
A) X1 will gain 2.5 points. 
B) X2 will gain 2.5 points. 
C) X will gain 2.5 points. 
D) Y will gain 2.5 points. 
E) None of the above C

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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? Y1 (newspaper ads)Y2 (flyers)
X1 (newspaper ads)52 37
X2 (flyers)26 18

Accepted Answer

A) 37 
B) 17 
C) 16 
D) 8 
E) There is no saddle point 
A) 37 
B) 17 
C) 16 
D) 8 
E) There is no saddle point

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Explain the principle of dominance as used in game theory.

Accepted Answer

used to eliminate st

Question 8

In a competitive business market,one company's strategy might be to maximize its minimum profits.

Accepted Answer

A) True 
 B)False

Question 9

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? Y1 (newspaper ads)Y2 (flyers)
X1 (newspaper ads)52 37
X2 (flyers)26 18

Accepted Answer

A) X1 
B) X2 
C) Y1 
D) Y2 
E) Not enough information given 
A) X1 
B) X2 
C) Y1 
D) Y2 
E) Not enough information given

Question 10

The minimax criterion is to

Accepted Answer

A) minimize one's maximum losses. 
B) maximize one's maximum losses. 
C) maximize one's minimum gains. 
D) minimize one's minimum gains. 
E) Both A and C are correct 
A) minimize one's maximum losses. 
B) maximize one's maximum losses. 
C) maximize one's minimum gains. 
D) minimize one's minimum gains. 
E) Both A and C are correct

Question 11

Consider the following two-person game,and determine the saddle point if it exists. Y1 Y2
X1 4 6
X2 2 -3

Accepted Answer

A) -3 
B) 2 
C) 4 
D) 6 
E) There is no saddle point 
A) -3 
B) 2 
C) 4 
D) 6 
E) There is no saddle point

Question 12

The cornerstone of modern game theory includes the concepts developed by this person.

Accepted Answer

The answer of The cornerstone of modern game theory includes...

Question 13

The value of a mixed strategy game is

Accepted Answer

A) the maximum outcome of the game. 
B) the minimum outcome of the game. 
C) the outcome of the game played once. 
D) the average outcome of the game played an infinite number of times. 
E) None of the above 
A) the maximum outcome of the game. 
B) the minimum outcome of the game. 
C) the outcome of the game played once. 
D) the average outcome of the game played an infinite number of times. 
E) None of the above

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

Given the following two-person game,what strategy should the players play?
Y1 Y2
X1 6 2
X2 -4 1

Accepted Answer

This is a pure strat

Question 16

If it is known what percentage of the time each player plays each strategy,then the value of a two-person game can be computed

Accepted Answer

A) from only the optimal strategy row. 
B) from only the optimal strategy column. 
C) from any column or row. 
D) except for a zero sum game. 
E) None of the above 
A) from only the optimal strategy row. 
B) from only the optimal strategy column. 
C) from any column or row. 
D) except for a zero sum game. 
E) None of the above

Question 17

Considering the following two-person game,the value of the game (if played many times)is Y1 Y2
X1 6 3
X2 2 8

Accepted Answer

A) 19.00. 
B) 4.75. 
C) 4.67. 
D) Unable to be computed,as the α was not given. 
A) 19.00. 
B) 4.75. 
C) 4.67. 
D) Unable to be computed,as the α was not given.

Question 18

What is meant by the value of a mixed strategy game?

Accepted Answer

the average or expec

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Considering the following two-person game,what percentage of the time should Y play strategy Y1? Y1 Y2
X1 6 3
X2 2 8

Accepted Answer

A) 1/3 
B) 2/3 
C) 4/9 
D) 5/9 
E) None of the above 
A) 1/3 
B) 2/3 
C) 4/9 
D) 5/9 
E) None of the above

Exam 19: Game Theory

Considering the following two-person game,what percentage of the time should X play strategy X2? Y1 Y2 X1 6 3 X2 2 8

The value of a two-person pure strategy game is equal to the lower value of the game.

The value of the following game is 2.5.Therefore, Y1 Y2 X1 3 2 X2 -1 6

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

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

Explain the principle of dominance as used in game theory.

In a competitive business market,one company's strategy might be to maximize its minimum profits.

The minimax criterion is to

Consider the following two-person game,and determine the saddle point if it exists. Y1 Y2 X1 4 6 X2 2 -3

The cornerstone of modern game theory includes the concepts developed by this person.

The value of a mixed strategy game is

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

Given the following two-person game,what strategy should the players play? Y1 Y2 X1 6 2 X2 -4 1

If it is known what percentage of the time each player plays each strategy,then the value of a two-person game can be computed

Considering the following two-person game,the value of the game (if played many times)is Y1 Y2 X1 6 3 X2 2 8

What is meant by the value of a mixed strategy game?

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

Considering the following two-person game,what percentage of the time should Y play strategy Y1? Y1 Y2 X1 6 3 X2 2 8

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? Y₁Y₂ X₁6 3 X₂2 8

The value of the following game is 2.5.Therefore, Y₁Y₂ X₁3 2 X₂-1 6

Consider the following two-person game,and determine the saddle point if it exists. Y₁Y₂ X₁4 6 X₂2 -3

Given the following two-person game,what strategy should the players play? Y₁Y₂ X₁6 2 X₂-4 1

Considering the following two-person game,the value of the game (if played many times)is Y₁Y₂ X₁6 3 X₂2 8

Considering the following two-person game,what percentage of the time should Y play strategy Y₁? Y₁Y₂ X₁6 3 X₂2 8