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24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and “Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. %3D %3D

24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and “Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. %3D %3D

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Ron Go to Bed Adventure Go to Bed 40, 40 10, 20 Adventure 20, 10 60, 60 Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and “Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 25. Is Ron's strategy described in question # part of a mixed strategy Nash Equilibrium (NE)? Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. There is not enough information provided to answer this question. а. game. е. Harry
Transcribed Image Text:Ron Go to Bed Adventure Go to Bed 40, 40 10, 20 Adventure 20, 10 60, 60 Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and “Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 25. Is Ron's strategy described in question # part of a mixed strategy Nash Equilibrium (NE)? Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. There is not enough information provided to answer this question. а. game. е. Harry
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