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L C R U 7, 4 0, 3 4, 1 M 6, 1 3, 4 72, 0 D 5,2 -1,86 3,1 Consider the game below. Let p₁ be the probability Player 1 (the row player) picks U, P2 be the probability Player 1 picks M, q₁ be the probability Player 2 (the column player) picks L, and 92 be the probability Player 2 (the column player) picks M. Find all the pure strategy and mixed strategy Nash equilibria, if any. = (a) There are two pure strategy Nash Equilibrium, one with (U,L) and one with (M,C), and one mixed strategy Nash equilibria with p₁ = 1/4, p2 = 1/4, 91 = 1/2, and 92 3/4. (b) There are two pure strategy Nash Equilibrium, one with (D,C) and one with (M,R), and one mixed strategy Nash equilibria with p₁ = 1/4, p2 = 3/4, 91 1/2, and 92 = 1/2. (c) There are two pure strategy Nash Equilibrium, one with (6,1) and one with (0,3), and one mixed strategy Nash equilibria with p₁ = 1/2, p2 = 1/4, 91 = 1/7, and q₂ = 3/4. = = (d) There are two pure strategy Nash Equilibrium, one with (U,L) and one with (M,C), and one mixed strategy Nash equilibria with p₁ = 3/4, p2 = 1/4, 91 = 3/4, and 92 = 1/4. (e) None of the above.

L C R U 7, 4 0, 3 4, 1 M 6, 1 3, 4 72, 0 D 5,2 -1,86 3,1 Consider the game below. Let p₁ be the probability Player 1 (the row player) picks U, P2 be the probability Player 1 picks M, q₁ be the probability Player 2 (the column player) picks L, and 92 be the probability Player 2 (the column player) picks M. Find all the pure strategy and mixed strategy Nash equilibria, if any. = (a) There are two pure strategy Nash Equilibrium, one with (U,L) and one with (M,C), and one mixed strategy Nash equilibria with p₁ = 1/4, p2 = 1/4, 91 = 1/2, and 92 3/4. (b) There are two pure strategy Nash Equilibrium, one with (D,C) and one with (M,R), and one mixed strategy Nash equilibria with p₁ = 1/4, p2 = 3/4, 91 1/2, and 92 = 1/2. (c) There are two pure strategy Nash Equilibrium, one with (6,1) and one with (0,3), and one mixed strategy Nash equilibria with p₁ = 1/2, p2 = 1/4, 91 = 1/7, and q₂ = 3/4. = = (d) There are two pure strategy Nash Equilibrium, one with (U,L) and one with (M,C), and one mixed strategy Nash equilibria with p₁ = 3/4, p2 = 1/4, 91 = 3/4, and 92 = 1/4. (e) None of the above.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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L C R U 7, 4 0, 3 4, 1 M 6, 1 3, 4 72, 0 D 5,2 -1,86 3,1 Consider the game below. Let p₁ be the probability Player 1 (the row player) picks U, P2 be the probability Player 1 picks M, q₁ be the probability Player 2 (the column player) picks L, and 92 be the probability Player 2 (the column player) picks M. Find all the pure strategy and mixed strategy Nash equilibria, if any. = (a) There are two pure strategy Nash Equilibrium, one with (U,L) and one with (M,C), and one mixed strategy Nash equilibria with p₁ = 1/4, p2 = 1/4, 91 = 1/2, and 92 3/4. (b) There are two pure strategy Nash Equilibrium, one with (D,C) and one with (M,R), and one mixed strategy Nash equilibria with p₁ = 1/4, p2 = 3/4, 91 1/2, and 92 = 1/2. (c) There are two pure strategy Nash Equilibrium, one with (6,1) and one with (0,3), and one mixed strategy Nash equilibria with p₁ = 1/2, p2 = 1/4, 91 = 1/7, and q₂ = 3/4. = = (d) There are two pure strategy Nash Equilibrium, one with (U,L) and one with (M,C), and one mixed strategy Nash equilibria with p₁ = 3/4, p2 = 1/4, 91 = 3/4, and 92 = 1/4. (e) None of the above.
Transcribed Image Text:L C R U 7, 4 0, 3 4, 1 M 6, 1 3, 4 72, 0 D 5,2 -1,86 3,1 Consider the game below. Let p₁ be the probability Player 1 (the row player) picks U, P2 be the probability Player 1 picks M, q₁ be the probability Player 2 (the column player) picks L, and 92 be the probability Player 2 (the column player) picks M. Find all the pure strategy and mixed strategy Nash equilibria, if any. = (a) There are two pure strategy Nash Equilibrium, one with (U,L) and one with (M,C), and one mixed strategy Nash equilibria with p₁ = 1/4, p2 = 1/4, 91 = 1/2, and 92 3/4. (b) There are two pure strategy Nash Equilibrium, one with (D,C) and one with (M,R), and one mixed strategy Nash equilibria with p₁ = 1/4, p2 = 3/4, 91 1/2, and 92 = 1/2. (c) There are two pure strategy Nash Equilibrium, one with (6,1) and one with (0,3), and one mixed strategy Nash equilibria with p₁ = 1/2, p2 = 1/4, 91 = 1/7, and q₂ = 3/4. = = (d) There are two pure strategy Nash Equilibrium, one with (U,L) and one with (M,C), and one mixed strategy Nash equilibria with p₁ = 3/4, p2 = 1/4, 91 = 3/4, and 92 = 1/4. (e) None of the above.
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