Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and “Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses “Go to Bed" with p = 0 and “Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and “Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. I| 25. Is Ron's strategy described in question #part of a mixed strategy Nash Equilibrium (NE)? a. Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this game. c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. e. There is not enough information provided to answer this question.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
Ron
Go to Bed
Adventure
Go to Bed
40, 40
10, 20
Adventure
20, 10
60, 60
Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs.
Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to
continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to
answer questions #23, #24, #25.
23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response?
a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75.
b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5.
c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0.
d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1.
e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry.
24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and "Adventure"
with p = 0.75, what is Harry's best response?
a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75.
b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5.
c. Harry chooses "Go to Bed" with p = 1 and “Adventure" with p = 0.
d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1.
e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry.
25. Is Ron's strategy described in question #
part of a mixed strategy Nash Equilibrium (NE)?
Yes. This strategy is part of the mixed strategy NE for this game.
b. No. There is not a mixed strategy NE for this
c. No. There is a mixed strategy NE for this game, but it does not include this strategy.
d. No. This strategy is part of a pure strategy NE.
There is not enough information provided to answer this question.
а.
game.
е.
Harry
Transcribed Image Text:Ron Go to Bed Adventure Go to Bed 40, 40 10, 20 Adventure 20, 10 60, 60 Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and “Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 25. Is Ron's strategy described in question # part of a mixed strategy Nash Equilibrium (NE)? Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. There is not enough information provided to answer this question. а. game. е. Harry
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Nash Equilibrium
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education