Consider a version of the Tragedy of the Commons in which herder 1 and 2 simultaneously choose to graze quantities of sheep 9₁ and 92, respectively and in which the payoff functions are q₁ (120) for 1 and 92 (120) for 2. The Nash

Consider a version of the Tragedy of the Commons in which herder 1 and 2 simultaneously choose to graze quantities of sheep 9₁ and 92, respectively and in which the payoff functions are q₁ (120) for 1 and 92 (120) for 2. The Nash

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

12.....QUESTION.....

Consider a version of the Tragedy of the
Commons in which herder 1 and 2
simultaneously choose to graze quantities of
sheep 9₁ and 92, respectively and in which the
payoff functions are q₁ (120 -
91
92
-) for 1
3
3
91
92
and 92 (120-1-2) for 2. The Nash
3
3
*
*
equilibrium is q₁ = 9₂ =
92
a. 90
b. 60
c. 30
d. 120

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