WORKSHEET OF REVIEW QUESTIONS: ECON 5103 Week 3

Instruction:

1. In the following we ask you repeatedly to “work” questions and “do” exercises taken from
the book. Your tutor will not collect your answers but might ask you to present your solution in
the tutorial. Hence notes for yourself are sufficient. There is no expectation that you submit
your answers in writing. The same applies to other tasks on this worksheet.
2. To accommodate different levels of workload you prefer to have, questions on this list are
coloured. They have the following meaning:
Questions with red colour -- you should work on before the tutorial;
Questions with green colour -- you will work on (in group) and present in the tutorial;
Questions with orange colour – you can use them to practice after the tutorial.
3. These questions are not assessment pieces, but you are highly recommended to work on
them (all three colours) before the tutorial. They are good practice materials for exams.
4. Timeline of tutorial:
First, you are expected to rise any difficulties you encountered in red-coloured questions.
After hearing feedback of your difficulties, your tutor will select some red-coloured questions
to go through with the whole class.
Then, you will then attempt green-coloured questions and present your solution in group,
and your tutor will provide feedback on your performance.
Finally, your tutor may answer your questions regarding any coloured questions.

Unit 6
(1. through 3. are red, 4. and 7. are green, 5. and 6. are orange.)
1. Make sure to read the Great Economists sections on H. Simon and K. Marx
(You are invited, but not expected, to read the piece by Prof. Ortmann: https://a-
ortmann.medium.com/kalle-and-me-schumpeter-too-
9c5ffcbb6b37
2. Do Exercise 6.1.
3. Do Exercise 6.2.
4. Do Exercises 6.3 through 6.5.
5. Do Exercises 6.6 and 6.7.
6. Do Exercise 6.10.
7. Make sure you study Fig 6.8; then try to formalize the various P-A games in
a simple normal-from simultaneous game pay-off table that has two actions
for the P and the A each. (Hint: it looks like a one-sided prisoners’ dilemma
game.)
Unit 7
(1. and 3. are red, 2. is green, 4. Is orange)
1. Do Exercises 7.1 and 7.2.
2. Do Exercises 7.3 and 7.4.
3. Do Exercise 7.5.
4. Do Exercises 7.6-7.8.