. Player 1Here is a stylized game of serving in tennis. Player 1 has a choice of serving short or long whenit is her turn to serve. Player 2 has a choice of preparing for a short or long serve. To focus on thechoice of serve, we will assume that a player who does not prepare loses the point.The Tennis Serve GamePlayer 2ShortLong0,1Short0,113. Refer to the figure above. The one-period Nash equilibriumA. Player 1: Short; Player 2: Short.B. Player 1: Long; Player 2: Short.C. Player 1: Short; Player 2: Long.D. Player 1: Long; Player 2: Long.E. none of the above, since there is no pure strategy Nash equilibrium for this game.14. Refer to the figure above. The mixed strategy equilibrium for each player is to:A. choose Long with probability two thirds, choose Short with probability one third.B. choose Long with probability one half, choose Short with probability one half.C. choose Long with probability one quarter, choose Short with probability three quartersD. choose Long with probability one third, choose Short with probability two thirds.E. none of the above, since there is no mixed strategy equilibrium for this game.

A game is an abstract representation of a tactical situation in which players must make tactical…

rve Game g art Long 0,1 1,0 Player 2 Short 1,0 0,1 to the figure above. The one-period Nash equil ort; Player 2: Short. ng; Player 2: Short. ort; Player 2: Long. mg; Player 2: Long. bove, since there is no pure strategy Nash equi to the figure above. The mixed strategy equili

rve Game g art Long 0,1 1,0 Player 2 Short 1,0 0,1 to the figure above. The one-period Nash equil ort; Player 2: Short. ng; Player 2: Short. ort; Player 2: Long. mg; Player 2: Long. bove, since there is no pure strategy Nash equi to the figure above. The mixed strategy equili

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Player 1
Here is a stylized game of serving in tennis. Player 1 has a choice of serving short or long when
it is her turn to serve. Player 2 has a choice of preparing for a short or long serve. To focus on the
choice of serve, we will assume that a player who does not prepare loses the point.
The Tennis Serve Game
Player 2
Short
Long
0,1
Short
0,1
13. Refer to the figure above. The one-period Nash equilibrium
A. Player 1: Short; Player 2: Short.
B. Player 1: Long; Player 2: Short.
C. Player 1: Short; Player 2: Long.
D. Player 1: Long; Player 2: Long.
E. none of the above, since there is no pure strategy Nash equilibrium for this game.
14. Refer to the figure above. The mixed strategy equilibrium for each player is to:
A. choose Long with probability two thirds, choose Short with probability one third.
B. choose Long with probability one half, choose Short with probability one half.
C. choose Long with probability one quarter, choose Short with probability three quarters
D. choose Long with probability one third, choose Short with probability two thirds.
E. none of the above, since there is no mixed strategy equilibrium for this game.

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4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 100 Total Revenue 90 B0 70 50 40 30 20 10 Demand 10 20 30 40 50 70 90 100 110 120 QUANTITY (Bippitybops) PRICE (Dollars per bippitybop)