Consider the following game:1,2LMRABOAА2,31,10,01,02,20,1C0,23,13,2D1,3133,10,0Suppose the game is played T times. How many subgames are there?(10T-1+1)(T-1)T-1+1T-1T12 111127-1

There are 37 subgames if the game is played 7 times.Explanation:The formula to calculate the number…

Answered: Consider the following game: 1,2 L M R…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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PA P3 P₂ P₁- 0 MC MR Q₁ Q₂ Q3 Q4 FIGURE 1 ATC AVC D D
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1. Two profit-maximising firms call them firm 1 and firm 2- compete in quantities. Before the firms choose their quantities, firm 1 has the option to spend money on advertising, which allows differentiating the two products. That is, firm 1 chooses a € [0, 1] (i.e., 0≤ a ≤ 1) and pays ca, with c> 0. The two firms then face the following inverse demand functions: P₁ = 1-q₁ (1-a)q2 and p2=1-92-(1-a)9₁. There is no cost of production so the profit of firm 1 is #₁ = pigi - ca and the profit of firm 2 is #2 = P292. (a) (c) (d) (b) Without doing any calculation, briefly explain what the market struc- ture would be if firm 1 one chose not to advertise at all (a = 0) and if it chose the maximal amount of advertising (a = 1). [max: 50 words] For any value of a € [0, 1], calculate the equilibrium quantities. Calculate the optimal level of advertising for firm 1. Briefly provide intuition for your results. [max: 50 words] And here is an example. When solving for the question given above, You can…
Question 19 Not yet answered Marked out of If a tank of petrol contains a certain amount of energy, what happens when we combust the petrol in a shorter time period? 1.00 PFlag question O a. The energy is converted into power O b. Less energy is produced OC. More energy is produced O d. The energy remains the same
Problem 2. (SPNE 2). Consider the following extensive form game between two players. (1,10) .. D 2 1 B X Y (a) List all pure strategies of player 2. (b) Represent this game in normal form. (c) Find all pure-strategy Nash equilibria of this game. (d) Find all SPNE (in pure strategies) of this game. (6,3) (4,2) (5,1)
Q1)d) Country Road Two drivers round the corner of a country roud from opposite directions, and find they are about to eroh head-on. Each can eitber veer left or right: so long as they make the same decision, they are unscathed. Car 2 Left Right -100,-100 0,0 Car 1 Left 0,0 Right -100, -100 B(Left)= Dominant Strategies for Car 1: %3D B (Right) Dominant Strategies for Car 2: B2(Left) = Social Welfare Maximum Strategies: %3D ... Nash Equilibrium: Ba(Right) = %3D
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Find all NE of the stage game.(b) Consider a two-period game without discounting in which the stage game is played ineach period. Find all pure strategy SPNE.(c) What’s the min-max payoff of each player?(c1) Consider pure strategies only.(c2) Consider all strategies, including the mixed ones.(d) Now suppose the stage game is repeated infinitely many times. Use the Fudenberg-Maskin Folk theorem to find all possible values of payoff that can be supported as aSPNE.
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Consider the following game: 1,2 L M R ABOA А 2,3 1,1 0,0 1,0 2,2 0,1 C 0,2 3,1 3,2 D 1,3 13 3,1 0,0 Suppose the game is played T times. How many subgames are there? (10T-1+1) (T-1)T-1+1 T-1 T 12 1 11 127-1