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Unformatted text preview: Econ 149 Final- December 16, 1999 Directions: You have until 10 to complete the exam. The exam has three sections. Do three of the four problems in the first section, being sure to make it clear which problems you want graded. Similarly, do two out of three in the second section and two out of three in the third section. You must explain how you came to your answers for full credit. Be sure to leave time for each section, so do all the problems you know how to do first, and then come back to the rest. Please both print and sign your name below. Name: By signing my name, I am acknowledging that I will abide by the honor code and understand the implications of not doing so. Please circle the questions you want graded. Part 1 (3 out of 4) 1. 2. 3. 4. Part 2. (2 out of 3) 5. 6. 7. Part 3. (2 out of 3) 8. 9. 10. Short Answer (Do 3 out of 4 only) 7 points each. 1. Explain the difference between subgame perfect equilibrium and Nash equilibrium when players move simultaneously. 2. You observe Orlando make the following purchases: 10 magazines at a price of $5 each and 5 candy bars at a price of $1 each. The next day Orlando purchases 7 candy bars at a price of $4 each and 7 magazines at a price of $7...
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