Monday, November 9, 2015

Last Year's Midterm 2

Is available here.  You can use it for review.  We will go over it next Monday.  Please come ready with questions.


  1. For question 1 on the midterm, I am having trouble understanding how to look at part 2 and 3. I see that part one is addressed in the excel homework but I don't really see where part 2 is talked about.

    1. It is the night before the exam and you are posting this query anonymously. So I don't know who you are but I would guess you did not attend the review session in class yesterday. I went over this question in some depth there. Now try to work through why it is incentive compatible for me to explain this question to you online, after you have missed the review session. (It isn't.) So I suggest you try to figure this out on you own, or contact your teammate on the project and see if that person was in attendance yesterday and, if so, whether that person will help you.

      This entire semester I have tried to emphasize the model of gift exchange, which means reciprocation by people at work. You are learning about that lesson the hard way. If you want a gift from me, what gift are you bring to the table?