In the game shown below, Player 1 can move Up or Down, and Player 2 can move Left or Right. The players must move at the same time without knowledge of the other player’s move. The first payoff is for the row player (Player 1) and the second payoff is for the column player (Player 2). Solve each game using game theoretic logic. Player 2 Player 1 Left Right Up 3, 2 2, 3 Down 0, 9 1, 1
Q: A restaurant owner is showing a positive operating income in 9 of 12 months of operation and is…
A: Operations management is described as the means of supervising, organizing, and planning, that…
Q: why do social networks matter?
A: Running a small home-grown business or an enormous countrywide corporation social broadcasting is…
Q: Cite an example of ideas that involve identifying a new market for an existing product or service…
A: Market Penetration In a market penetration strategy, the firm purposes its products in the existing…
Q: 2. Provident Capital Corp. specializes in investment portfolios designed to meet the specific risk…
A: Please note that as you have posted more than one question, the first question with two subparts is…
Q: q1:What is the minimum number of people who could be working at time t=9? Q2:What is the minimum…
A: Activity Activity time Precedence 1 Precedence 2 A 5 B 3 C 6 D 3 A B E 5 C…
Q: When a new business is started, or a patent idea needs funding, venture capitalist or investment…
A: When a new business is started, or a patent holder needs support, capitalists or investment banks…
Q: why do you think scheduling issues often cause great concern for project managers?
A: Project scheduling begins with identifying and estimating the durations for different tasks in the…
Q: A campany wants to plan production for the months of January, February, March and April. The demand…
A: Find the Given details below: Month January February March April Total Demand (Unit) 35000…
Q: What is Process-based perspectives: expectancy theory of motivation?
A: Process-Based Perspectives:- Process-based perspectives use a perspective based on process, not the…
Q: Explain Five Phases of Project Management with examples.
A: Project management is the management in which different kinds of skills, knowledge, and techniques…
Q: The Rockwell Electronics Corporation retains a service crew to repair machine breakdowns that occur…
A: Arrival rate λ=3 Service rate μ=8 NOTE: We are allowed to do the first three sub-parts only at a…
Q: Suppose we are formulating a Master Production Schedule (MPS) for an item. Week 0 projected on- hand…
A: MPS L4L is done when on hand inventory is lower than the maximum value of forecasted demand and…
Q: Given this frequency distribution, what demand values would be associated with the following random…
A: Given, Demand Frequency 0 18 1 15 2 18 3 49 Cumulative frequency and its probability:…
Q: To attract, satisfy, and retain the better customers during the upcoming year, a business would…
A: Customer satisfaction can be stated as the measurement that evaluates how happy the clients are with…
Q: Consider the foll owing network diagram showing different routes in a university. Determine the path…
A:
Q: Problem 1: The following data was taken from experiment. The data can be modeled by the following…
A: given,
Q: a. What is the economic lot size? b. What is the total annual cost?
A:
Q: What technique does ERP use to link functional units?
A: The term ERP stands for enterprise resource planning. It is a type of business software system that…
Q: Jericho Inc. is a large logistics company that focuses on the efficient operations of its…
A: Jericho Inc. is a large logistics company that focuses on the efficient operations of its warehouses…
Q: Lead time usage refers to the length of period it takes to order and receive goods and also called…
A: Lead time is the duration that is taken to compete the process of producing a product till the final…
Q: Consider the data below which includes sales data and the forecasts that would have been made using…
A: Given data is
Q: Consider the shipping schedule for a transportation problem given below: D; D2 D, Supply D, S, 4 600…
A: We use slack variables in the Simplex Method to have an initial basic viable solution, but we may…
Q: Evaluate the range of restructuring options for an existing ‘bricks-and-mortar’ organization to move…
A: Restructuring can be stated as the action taken by an organization to significantly upgrade the…
Q: Janelle Heinke, the owner of Ha'Peppas!, is considering a new oven in which to bake the firm's…
A: According to our guidelines, we are supposed to answer only three sub-parts if multiple sub-parts…
Q: The Job shop always employs highly skilled nployees to process a high volume ue Ise ective Capacity…
A: 11. FALSE Produces relatively low volume of items or services on a non-repetitive or intermittent…
Q: Why are environmental concerns and sustainability often addressed in the operations function?
A: Environmental sustainability entails engaging appropriately with the world in order to preserve…
Q: Which of the following points is not feasible? A H в) в c) G D) A
A: As mentioned in question feasible region is shaded. So the points touching that feasible region is…
Q: How does an MDP augment a stationary Markov chain?
A: A Markov chain process (MDP) is defined by Set "S" of states Set "A" of actions P (St+1/St, At)…
Q: Total logistics costs are the sum of inventory, transportation, and facility costs for a supply…
A: The total logistics expenses for a supply chain network are the sum of inventory, transportation,…
Q: What are similarities of Interrupted Time Series and Regression Discontinuity? What are some…
A: Skill development can be stated as the approach of the recognization of the expertise or skill gap…
Q: Facebook had its ______ when it sold stocks to the public for the first time. tombstone financial…
A: Facebook had its ______ when it sold stocks to the public for the first time. tombstone financial…
Q: a) What is the throughput time of this work cell? b) What is the bottleneck time of this work cell?…
A:
Q: Explain the impact of effective complaints management towards successful product or service design.
A: Clients will continually grumble about an item or administration that your organization gives. You…
Q: "Ruby runs a machine design shop that has 4 stages of process in succession. Stage i is cutting that…
A: Given data:
Q: Maintenance at a major theme park in central Florida is an ongoing process that occurs 24 hours a…
A: Find the Given details below: Time of day/Shifts 12 AM - 4 AM 4 AM - 8 AM 8 AM - 12 PM 12 PM - 4…
Q: A freight forwarder has to arrange a truck shipment for his dient's two products from Niagara Falls,…
A: From the given data, Number of skids= 2 Dimensions of the skid= 48in *40in *60in Weight of the each…
Q: What are the importance of transportation in facilitating global trade.
A: Transportation is the life blood of all types of trades wheather it is international or it is…
Q: What are the five inputs and two outputs of an operations transformation process? For th
A: Operations transformation Process: Any activity or combination of operations that takes one or more…
Q: In the event that a competence rating is assigned to each ability that an employee has, where would…
A: Competence rating- A short or simple rating scheme provides a definition of competency and invites…
Q: What is the difference between Preventive Maintenance and Predictive Maintenance?
A: Maintenance is the combination of the activities that help equipment to restore that stage in which…
Q: Kenneth's Auto Tire sells all types of tires, but a popular r portion of Harry's overall sales.…
A: Given data: Demand for Tires Frequency(Days) 0 19 1 67 2 88 3 25 4 49 5 52 Here we…
Q: The following table gives the map coordinates and the shipping loads for a set of cities that we…
A: Given data: City Map co-ordinate (x,y) Shipping load A (5,10) 5 B (6,8) 10 C (4,9) 15 D…
Q: How many factors must be considered when deciding how to fund an individual project?
A: Project:- A project is a temporary endeavor undertaken to create a unique product, service, or…
Q: A company has an annual demand for a product of 2000 units, a carrying cost of $20 per unit per…
A:
Q: Explain the expression "Adoption of ‘Quick Response’ (QR) aims to cut inventory levels and improve…
A: Quick response is often used by most of the organizations to improve the efficiency through out the…
Q: 1. Using Microsoft Excel TM prepare a Gantt Chart for the following project. Activity Predecessor(s)…
A: given,
Q: Clean Up Project in Karbabad, what will be its completion time? Your answer should show the network…
A: The project completion time is depicted by the critical path of the project. It is taken as the path…
Q: What is the average time a car is in the system? b. What is the average number of cars in the…
A: NOTE: We are allowed to do the first three sub-parts only.
Q: Zan Azlett and Angela Zesiger have joined forces to start A&Z Lettuce Products, a processor of…
A: Break-even point (BEP) identify the point of revenue or quantity of item which facilitate the no…
Q: Savemore has 4 check-out counters. Prediction says that the duration of customer transaction is…
A: Number of servers M = 4 Service rate μ = 1Service time×60 = 14.9×60=12.2449 customers/hr per server…
In the game shown below, Player 1 can move Up or Down, and Player 2 can move Left or Right. The players must move at the same time without knowledge of the other player’s move. The first payoff is for the row player (Player 1) and the second payoff is for the column player (Player 2). Solve each game using game theoretic logic.
Player 2 | ||
Player 1 | Left | Right |
Up | 3, 2 | 2, 3 |
Down | 0, 9 | 1, 1 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Based on Kelly (1956). You currently have 100. Each week you can invest any amount of money you currently have in a risky investment. With probability 0.4, the amount you invest is tripled (e.g., if you invest 100, you increase your asset position by 300), and, with probability 0.6, the amount you invest is lost. Consider the following investment strategies: Each week, invest 10% of your money. Each week, invest 30% of your money. Each week, invest 50% of your money. Use @RISK to simulate 100 weeks of each strategy 1000 times. Which strategy appears to be best in terms of the maximum growth rate? (In general, if you can multiply your investment by M with probability p and lose your investment with probability q = 1 p, you should invest a fraction [p(M 1) q]/(M 1) of your money each week. This strategy maximizes the expected growth rate of your fortune and is known as the Kelly criterion.) (Hint: If an initial wealth of I dollars grows to F dollars in 100 weeks, the weekly growth rate, labeled r, satisfies F = (I + r)100, so that r = (F/I)1/100 1.)In this version of dice blackjack, you toss a single die repeatedly and add up the sum of your dice tosses. Your goal is to come as close as possible to a total of 7 without going over. You may stop at any time. If your total is 8 or more, you lose. If your total is 7 or less, the house then tosses the die repeatedly. The house stops as soon as its total is 4 or more. If the house totals 8 or more, you win. Otherwise, the higher total wins. If there is a tie, the house wins. Consider the following strategies: Keep tossing until your total is 3 or more. Keep tossing until your total is 4 or more. Keep tossing until your total is 5 or more. Keep tossing until your total is 6 or more. Keep tossing until your total is 7 or more. For example, suppose you keep tossing until your total is 4 or more. Here are some examples of how the game might go: You toss a 2 and then a 3 and stop for total of 5. The house tosses a 3 and then a 2. You lose because a tie goes to the house. You toss a 3 and then a 6. You lose. You toss a 6 and stop. The house tosses a 3 and then a 2. You win. You toss a 3 and then a 4 for total of 7. The house tosses a 3 and then a 5. You win. Note that only 4 tosses need to be generated for the house, but more tosses might need to be generated for you, depending on your strategy. Develop a simulation and run it for at least 1000 iterations for each of the strategies listed previously. For each strategy, what are the two values so that you are 95% sure that your probability of winning is between these two values? Which of the five strategies appears to be best?Consider the following card game. The player and dealer each receive a card from a 52-card deck. At the end of the game the player with the highest card wins; a tie goes to the dealer. (You can assume that Aces count 1, Jacks 11, Queens 12, and Kings 13.) After the player receives his card, he keeps the card if it is 7 or higher. If the player does not keep the card, the player and dealer swap cards. Then the dealer keeps his current card (which might be the players original card) if it is 9 or higher. If the dealer does not keep his card, he draws another card. Use simulation with at least 1000 iterations to estimate the probability that the player wins. (Hint: See the file Sampling Without Replacement.xlsx, one of the example files, to see a clever way of simulating cards from a deck so that the Same card is never dealt more than once.)
- A common decision is whether a company should buy equipment and produce a product in house or outsource production to another company. If sales volume is high enough, then by producing in house, the savings on unit costs will cover the fixed cost of the equipment. Suppose a company must make such a decision for a four-year time horizon, given the following data. Use simulation to estimate the probability that producing in house is better than outsourcing. If the company outsources production, it will have to purchase the product from the manufacturer for 25 per unit. This unit cost will remain constant for the next four years. The company will sell the product for 42 per unit. This price will remain constant for the next four years. If the company produces the product in house, it must buy a 500,000 machine that is depreciated on a straight-line basis over four years, and its cost of production will be 9 per unit. This unit cost will remain constant for the next four years. The demand in year 1 has a worst case of 10,000 units, a most likely case of 14,000 units, and a best case of 16,000 units. The average annual growth in demand for years 2-4 has a worst case of 7%, a most likely case of 15%, and a best case of 20%. Whatever this annual growth is, it will be the same in each of the years. The tax rate is 35%. Cash flows are discounted at 8% per year.You have 5 and your opponent has 10. You flip a fair coin and if heads comes up, your opponent pays you 1. If tails comes up, you pay your opponent 1. The game is finished when one player has all the money or after 100 tosses, whichever comes first. Use simulation to estimate the probability that you end up with all the money and the probability that neither of you goes broke in 100 tosses.The IRR is the discount rate r that makes a project have an NPV of 0. You can find IRR in Excel with the built-in IRR function, using the syntax =IRR(range of cash flows). However, it can be tricky. In fact, if the IRR is not near 10%, this function might not find an answer, and you would get an error message. Then you must try the syntax =IRR(range of cash flows, guess), where guess" is your best guess for the IRR. It is best to try a range of guesses (say, 90% to 100%). Find the IRR of the project described in Problem 34. 34. Consider a project with the following cash flows: year 1, 400; year 2, 200; year 3, 600; year 4, 900; year 5, 1000; year 6, 250; year 7, 230. Assume a discount rate of 15% per year. a. Find the projects NPV if cash flows occur at the ends of the respective years. b. Find the projects NPV if cash flows occur at the beginnings of the respective years. c. Find the projects NPV if cash flows occur at the middles of the respective years.
- You now have 5000. You will toss a fair coin four times. Before each toss you can bet any amount of your money (including none) on the outcome of the toss. If heads comes up, you win the amount you bet. If tails comes up, you lose the amount you bet. Your goal is to reach 15,000. It turns out that you can maximize your chance of reaching 15,000 by betting either the money you have on hand or 15,000 minus the money you have on hand, whichever is smaller. Use simulation to estimate the probability that you will reach your goal with this betting strategy.The game of Chuck-a-Luck is played as follows: You pick a number between 1 and 6 and toss three dice. If your number does not appear, you lose 1. If your number appears x times, you win x. On the average, use simulation to find the average amount of money you will win or lose on each play of the game.Based on Babich (1992). Suppose that each week each of 300 families buys a gallon of orange juice from company A, B, or C. Let pA denote the probability that a gallon produced by company A is of unsatisfactory quality, and define pB and pC similarly for companies B and C. If the last gallon of juice purchased by a family is satisfactory, the next week they will purchase a gallon of juice from the same company. If the last gallon of juice purchased by a family is not satisfactory, the family will purchase a gallon from a competitor. Consider a week in which A families have purchased juice A, B families have purchased juice B, and C families have purchased juice C. Assume that families that switch brands during a period are allocated to the remaining brands in a manner that is proportional to the current market shares of the other brands. For example, if a customer switches from brand A, there is probability B/(B + C) that he will switch to brand B and probability C/(B + C) that he will switch to brand C. Suppose that the market is currently divided equally: 10,000 families for each of the three brands. a. After a year, what will the market share for each firm be? Assume pA = 0.10, pB = 0.15, and pC = 0.20. (Hint: You will need to use the RISKBINOMLAL function to see how many people switch from A and then use the RISKBENOMIAL function again to see how many switch from A to B and from A to C. However, if your model requires more RISKBINOMIAL functions than the number allowed in the academic version of @RISK, remember that you can instead use the BENOM.INV (or the old CRITBENOM) function to generate binomially distributed random numbers. This takes the form =BINOM.INV (ntrials, psuccess, RAND()).) b. Suppose a 1% increase in market share is worth 10,000 per week to company A. Company A believes that for a cost of 1 million per year it can cut the percentage of unsatisfactory juice cartons in half. Is this worthwhile? (Use the same values of pA, pB, and pC as in part a.)
- Player A and B play a game in which each has three coins, a 5p, 10p and a 20p. Each selects a coin without the knowledge of the other’s choice. If the sum of the coins is an odd amount, then A wins B’s coin. But, if the sum is even, then B wins A’s coin. Find the best strategy for each player and the values of the game.Do the following problems using either TreePlan A student is deciding which scholarships (out of two) to accept. The first scholarship is worth $10,000 but carries the condition that recipients cannot accept another other forms of income (such as other scholarships). The second scholarship is awarded in a competition, where this student has a 50% chance of earning $7,000, a 40% chance of earning $10,000, and a 10% chance of earning $15,000. The student must inform the administrator of the first scholarship whether she will be accepting their offer today. A. Develop a decision tree to determine which scholarship this student should accept (using our normal decision criteria). B. Under what circumstance might the student accept the other scholarship?Apply Linear Programming to the Folling Question: Dan Reid, chief engineer at New Hampshire Chemical, Inc., has to decide whether to build a new state-of-art processing facility. If the new facility works, the company could realize a profit of $200,000. If it fails, New Hampshire Chemical could lose $150,000. At this time, Reid estimates a 60% chance that the new process will fail. The other option is to build a pilot plant and then decide whether to build a complete facility. The pilot plant would cost $10,000 to build. Reid estimates a fifty-fifty chance that the pilot plant will work. If the pilot plant works, there is a 90% probability that the complete plant, if it is built, will also work. If the pilot plant does not work, there is only a 20% chance that the complete project (if it is constructed) will work. Reid faces a dilemma. Should he build the plant? Should he build the pilot project and then make a decision? Help Reid by analyzing this problem