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KENYA METHODIST UNIVERSITY END OF 1 ST TRIMESTER 2014 (DAY) EXAMINATION SCHOOL : BUSINESS AND ECONOMICS DEPARTMENT : ECONOMICS AND STATISTICS UNIT CODE : BUSS 320 UNIT TITLE : QUANTITATIVE METHODS TIME : 2 HOURS INSTRUCTIONS Answer question one and any other two questions Question One a) Briefly explain each of the following terms (i) Identify matrix (ii) Critical path (iii) Decision variable (iv) Shadow price (v)Dominated strategy (10 Marks) b) You are provided with the following pay-off matrix for a mixed strategy 2-person, zero sum game Prayer Y Y1 Y2 Player X X 1 10 15 Page 1 of 5
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X2 12 7 Required Determine the proportion of the time each player should adopt each of their strategies and the game value (5 marks) c) You are required to solve each of the following (4 Marks) (i) Determine dy dx if Y=(5x 2 + 10x) 2 (ii) 5 10 ( 3 x 2 + 10 x ) dx d) Four technicians; Ali, Bakari; Charo and Daudi are to be assigned three jobs X, Y and Z. given below is a table on the charges by each technician for each of the jobs ( in thousands of shillings) JOBS Technician X Y Z Ali 25 15 18 Bakari 21 14
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