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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 q2 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 q2 = 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 92 = 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 q2 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 q2 = 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 92 = 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 pi = 1/2, p2 = 1/4, 91 = 1/7, and 92 = 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 pi = 1/2, p2 = 1/4, 91 = 1/7, and 92 = 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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