Answered: a W 3,5 3,4 8,4 0,0 3,3 8,9 y 0,1 5,9…

Business

Economics

a W 3,5 3,4 8,4 0,0 3,3 8,9 y 0,1 5,9 9,8 Describe a strategy for player 1 that dominates x.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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14.2. Ignoring mixed strategies, does the following game have a Nash equilibrium? Does it have more than one Nash equilibrium? If so, what are they? Player 2 West East 21 3,2 North 1000, 900 Player1 South 21
3. Find the dominant and dominated strategies in the following games (in case players have such strategies) Is there any dominant strategy equilibrium in any of these games? (b) Player 2 V W X Y A 2,5 4,4 5,5 | 0,4 | 1,5 B 5,3 3,3 4,3 | 2,2 | 1,0 Player 1 C 6,0 | 3,0 | 1,1 | 1,1 0,1 D 6,2 3,0 4,2 3,2 | 1,2 E 1,1 5,1 | 4,2 | 1,0 | 0,2
For this question, my friends are saying the number of strategies are 27. Is there any table that was computed before arriving at that answer? I don't really understand how they came up with that number of strategies.
11) In the following game, list any dominant or dominated strategies. Then, solve the game Player 2 Left Center Right Player 1 Up 1,2 4,6 5,5 Down 6,3 2,4 3,1
b 500,0 -10, 30 B 6,-1 0,0 C -1, 20 -20, 100 What is the Nash Equilibrium of this game? A a a. (C, c) O b. (C, b) O c. (A, a) O d. (B, b) C 20, 12 8, -2 7,800
Refer to the accompanying game. Firm A Which of the following is true? Multiple Choice O O O Low Price High Price O None of the answers is correct. Firm B Low Price (10,9) (-10,7) A dominant strategy for firm A is "high price." 19 There does not exist a dominant strategy for firm A. A dominant strategy for firm B is "low price." High Price (15,8) (11,11)
Problem 1 Consider the following two-person game: 1 2 C ea Prsover's D U 4, 7 6,0 10, 4 11, 5 M 5, 4 7,5 0, 3 6, 3 D 3, 12 5, 10 12, 5 8, 16 Use successive elimination of dominated strategies to find the optimal strategies.
PLEASE CHECK THIS HOW TO SOLVE you do you know the value of c is 3
Do not use Ai and chatgpt.
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12. Consider a game where each player picks a number from 0 to 60. The guess that is closest to half ofthe average of the chosen numbers wins a prize. If several peopleare equally close, then they share theprize. The game theory implies that (A) all players have dominant strategies to choose 0 (B) all players have dominant strategies to choose 30 (C) there is a Nash equilibrium where all players pick 0 (D) there is a Nash equilibrium where all players pick positive numbers 13. Behavioral data in such games suggests that (A) most subjects choose 0; (B) most subjects choose 30; (C) common answers include 30, 15, 7.5, and 0; (D) most subjects use randomization. Can you help me answer number 13 please?
4. Consider a two player game with Fred and Barney, who tal turns removing matchsticks from a pile. They start with 33 matchsticks, and Fred goes first. On each turn, ecach player may remove either one, two, three, four, or five matchsticks. The player to remove the last matchstick wins the game. What are the optimal strategies for each player? Who will win? b. Suppose now that they can remove up to six matchsticks, how will the optimal strategies change for- each player? a.