Econ171-Fall%202007-Final-1

Econ171-Fall 2007- - Name Economics 171 Decisions Under Uncertainty Final Exam Herb Newhouse Your exam has 8 questions Question#8 goes through

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Name______________________________________ Economics 171: Decisions Under Uncertainty Final Exam November 15, 2007 Herb Newhouse Your exam has 8 questions. Question #8 goes through part (f) over 3 pages. Including this cover page and the blank sheet of paper at the end, the exam has 12 pages. You can use an 8.5” by 11” sheet with handwritten notes on both sides and a calculator for this exam. Answer all parts of all questions. Clearly show your work. Buckley Waiver I hereby authorize the UCSD Economics Department to return my graded Final examination by placing it in a location accessible to all students in the course. I understand that the return of my examination as described above may result in disclosure of personally identifiable information, that is not public information as defined in UCSD PPM 160-2, and I hereby consent to the disclosure of such information. Print Name:_________________________________________________________ Signature:__________________________________________________________
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1. (6 pts) Imagine that you’re running a race next week. The race will be attended by either recreational runners or by Olympic hopefuls. If you spend the next week playing poker you’ll finish in the middle of the pack if the race is attended by recreational runners and you’ll finish towards the back if the race if attended by Olympic hopefuls. If you train for the next week you’ll win regardless of the type of other people who attend. a. What actions are available to you? b. What states of nature could occur? c. What are the possible outcomes?
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2. (12 pts) Stu enjoys meeting people. The below table gives the number of people he will meet depending on the place he visits and the weather. It also gives the probability of each type of weather. Weather
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This note was uploaded on 10/21/2010 for the course ECON 809880 taught by Professor Herbnewhouse during the Spring '09 term at UCSD.

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Econ171-Fall 2007- - Name Economics 171 Decisions Under Uncertainty Final Exam Herb Newhouse Your exam has 8 questions Question#8 goes through

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