2 Bill and Mary sell ice-cream on the boardwalk in AtlanticCity. They are competitors. There are two spots availableto set up shop on the boardwalk: spot A and spot B. SpotA gets more foot traffic than B. The amount of foot trafficat a spot determines the payoffs of the ice-cream sellers. Ifone seller chooses A and the other chooses B, then theseller on A gets a payoff of $1500, while the seller on Bgets a payoff of $800. If both sellers choose A, then theyeach get $700. If they both choose B, then they each get$600.Suppose Mary gets to choose her location first and thatBill observes this choice before making his own choice.Which of the following is not consistent with a NashEquilibrium of this game?1) Mary chooses A, and Bill chooses B.2) Mary chooses B, and Bill chooses A.3) None of the above.

Let us build the payoff-matrix for the given problem: Bill A B Mary A 700,700…

Bill and Mary sell ice-cream on the boardwalk in Atlantic City. They are competitors. There are two spots available to set up shop on the boardwalk: spot A and spot B. Spot A gets more foot traffic than B. The amount of foot traffic at a spot determines the payoffs of the ice-cream sellers. If one seller chooses A and the other chooses B, then the seller on A gets a payoff of $150o, while the seller on B gets a payoff of $800. If both sellers choose A, then they each get $700. If they both choose B, then they each get $600. Suppose Mary gets to choose her location first and that Bill observes this choice before making his own choice. Which of the following is not consistent with a Nash Equilibrium of this game? 1) Mary chooses A, and Bill chooses B. 2) Mary chooses B, and Bill chooses A. 3) None of the above.

Bill and Mary sell ice-cream on the boardwalk in Atlantic City. They are competitors. There are two spots available to set up shop on the boardwalk: spot A and spot B. Spot A gets more foot traffic than B. The amount of foot traffic at a spot determines the payoffs of the ice-cream sellers. If one seller chooses A and the other chooses B, then the seller on A gets a payoff of $150o, while the seller on B gets a payoff of $800. If both sellers choose A, then they each get $700. If they both choose B, then they each get $600. Suppose Mary gets to choose her location first and that Bill observes this choice before making his own choice. Which of the following is not consistent with a Nash Equilibrium of this game? 1) Mary chooses A, and Bill chooses B. 2) Mary chooses B, and Bill chooses A. 3) None of the above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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