Solve it a) In a pure strategy game, the optimal strategy for each player results in the samepayoff is known asb) Table below depicts the strategies and payoff for two players in an economic gamesituation.Player 2StrategyAВC1142-1133-24-33Is there exists any dominated strategy? If so, eliminate it and develop the reducedpayoff table.i.ii. Is this a pure strategy game? Why?iii. Determine the optimal strategy for Player 2.iv. Determine the value of the game.v. Which player would you like to be? Give your reason.Player 1ONE53

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b) Table below depicts the strategies and payoff for two players in an economic game situation. Player 2 В Strategy A C 1 1 4 -1 1 3 -2 4 -3 3 i. Is there exists any dominated strategy? If so, eliminate it and develop the reduced payoff table. ii. Is this a pure strategy game? Why? Player 1

b) Table below depicts the strategies and payoff for two players in an economic game situation. Player 2 В Strategy A C 1 1 4 -1 1 3 -2 4 -3 3 i. Is there exists any dominated strategy? If so, eliminate it and develop the reduced payoff table. ii. Is this a pure strategy game? Why? Player 1

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Oligopoly

Section: Chapter Questions

Problem 9PA

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Question

Solve it

a) In a pure strategy game, the optimal strategy for each player results in the same
payoff is known as
b) Table below depicts the strategies and payoff for two players in an economic game
situation.
Player 2
Strategy
A
В
C
1
1
4
2
-1
1
3
3
-2
4
-3
3
Is there exists any dominated strategy? If so, eliminate it and develop the reduced
payoff table.
i.
ii. Is this a pure strategy game? Why?
iii. Determine the optimal strategy for Player 2.
iv. Determine the value of the game.
v. Which player would you like to be? Give your reason.
Player 1
ONE53

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Consider the attached game depicted in Normal Form. Find one Nash equilibrium and verify that it is a Nash equilibrium. Note: 1. Remember to express the Nash equilibrium in the form of a strategy profile. 2. Use the definition of Nash equilibrium to verify that the strategy profile you find is really a Nash equilibrium.