Player 2 Left Center 30, 40 6, 20 20, 20 5, 5 40, 11 38, 42 Right 21, 24 32, 35 10, 5 Up Player 1 Middle Down Use the information in the game matrix above to answer questions #3 and #4. 3. If both Players move simultaneously, then a. Player 1 has a dominant strategy, and Player 2 does not. b. Player 2 has a dominant strategy, and Player 1 does not. c. There is more than one pure strategy Nash Equilibrium. d. Both players have a dominant strategy. e. There are no Nash Equilibria in pure strategies. 4. If Player 1 moves first, then is the subgame perfect equilibrium. a. (Up, Left) b. (Middle, Center) c. (Middle, Right) d. (Down, Left) e. (Down, Center)

Player 2 Left Center 30, 40 6, 20 20, 20 5, 5 40, 11 38, 42 Right 21, 24 32, 35 10, 5 Up Player 1 Middle Down Use the information in the game matrix above to answer questions #3 and #4. 3. If both Players move simultaneously, then a. Player 1 has a dominant strategy, and Player 2 does not. b. Player 2 has a dominant strategy, and Player 1 does not. c. There is more than one pure strategy Nash Equilibrium. d. Both players have a dominant strategy. e. There are no Nash Equilibria in pure strategies. 4. If Player 1 moves first, then is the subgame perfect equilibrium. a. (Up, Left) b. (Middle, Center) c. (Middle, Right) d. (Down, Left) e. (Down, Center)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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