Three voters vote over two candidates (A and B), and each voter has two pure strategies: vote for A and vote for B. When A wins, voter 1 gets a payoff of 1, and 2 and 3 get payoffs of 0; when B wins, 1 gets 0 and 2 and 3 get 1. Thus, 1 prefers A, and 2 and 3 prefer B. The candidate getting 2 or more votes is the winner (majority rule). Find a weakly dominant strategy. Compute for the pure strategy Nash equilibrium.
Q: 1. Suppose an economy is initially in a steady state as described by the Solow model with labour aug...
A: We assume that the quality of educational institutions influences output in relation to capital. Be...
Q: 4. Consider the following strategic environment involving a firm manager (Manager) and two workers (...
A: Given, One ManagerTwo Players : Worker 1 and Worker 2Both Workers have the same strategies : Work h...
Q: In a Stackelberg game, what is the best response that follower firm 2 can make to the choice y1 alre...
A: Stackelberg game is a game of duopoly, this model is an extension of the Cournot duopoly model, the ...
Q: A firm operates in a perfectly competitive output market and a perfectly competitive input market. T...
A: Cost is minimized when production takes place where marginal rate of technical substitution is equal...
Q: Market demand is Qd = 100 - p. Market supply is Qs = 4p. A competitive firm has MC = 2Q. How !3! !3!...
A: Equilibrium in the competitive market is reached where quantity demanded equals quantity supplied.
Q: How did Japanese private and public sector labor policies affect Japanese production during its high...
A: Japanese private and public sector labor policies have been affected most of the Japanese production...
Q: 1. Given the inverse demand equation P = 10 – 0.05Q and the inverse supply equation P = 1 + 0.10Q: ...
A: Introduction Inverse demand function P = 10 - 0.05 Q Qd = 200 - 20 P Inverse supply function P = 1 +...
Q: Calculate the capitalized cost of an equipment maintained at a rate of 6% every year for P10,000, re...
A: Capitalized value represents the current worth of an asset. Capitalized cost is an expense incurred ...
Q: What would be the rational for Product customisation impact on revenue and profitability
A: People expect companies to personalize their products and services to their individual needs in the ...
Q: A country puts in a quota limitation on the importation of cherries into their country. Cherries imp...
A: Here, it is given that the government imposed quota on the importation of cherry in the country, whi...
Q: What is Microeconomics?
A: Economics is concerned with the production, distribution, and consumption of goods and services. It ...
Q: 2. Cloneville is a town consisting on 100,000 identical citizens. Each citizen has a current total w...
A: Number of citizens =100,000 Utility function for each citizen : U(w) = w1/2 Actuarily fair premium ...
Q: 3. Asurplus is when there is more supply than there is demand. You can find it by subtracting the qu...
A: Surplus is the amount of a good which exists when quantity supplied is more than the quantity demand...
Q: Write a short note on Foreign Exchange Regulation Act of US 1983?
A: Answer: Introduction: Under this Act's Section twenty nine specifically addressed MNC operations in ...
Q: the answer to this question is Q8.14= The after-tax present worth of the chip placer is -$1683. we j...
A: Present worth is equal to the annual worth and rate of interest and time duration. The annual worth ...
Q: 3. The rate of inflation as of Thursday is 6 %, this is expected to continue. Sylvia wants to earn a...
A: Given Rate of inflation =6% We know that the real rate of interest = nominal interest rate minus the...
Q: REFLECTION PAPER: IMPACT OF GLOBALIZATION ON HOW PEOPLE COMMUNICATE, AND VICE VERSA
A: The effect of Globalization on How People Communicate and Vice Versa
Q: Which of the following was a way for the Bureau of Labor Statistics to reduce the quality/new good b...
A: When talking about the consumer price index (CPI), it is considered as the inflation measuring tool ...
Q: Graph the following a. Flood destroys the rice crops. Demand remains constant. Show effects on marke...
A: Disclaimer: Since you have posted a multi-part question, I am providing you with the answer to (a), ...
Q: Which measures the changes in the prices of a "market basket" of some 100 goods produced by typical ...
A: Price index is defined as the average of a price compared to given class of goods and services. They...
Q: Suppose we allocate a fixed supply of a depletable resource between two periods in a dynamically eff...
A: Given information P=7-0.46q 2 period consumption Period 1 =q1 period 2=q2 Marginal cost=1 Total supp...
Q: Why are the elements found in the I=P x A x T important in terms of impacting our environment? impa...
A: Whilst the equation may appear to be an oversimplification of the numerous issues that face our envi...
Q: be measured as an area} Surplus-public= 6. Assuming that individuals do not know each other marginal...
A: 5. Surplus-public=Society have a better services. 6. YES
Q: Define privatization in 30 to 40 words. The definition should be strong and in your own words. Thank...
A: Private sector is defined as that sector of the economy which is owned by private individuals or pri...
Q: Can Huawei Overcome Roadblocks in its Quest for Global Markets? Huawei Technologies Ltd. (Huawei) h...
A: International trade is the branch of economics concerned with the exchange of goods between countrie...
Q: Interesting inquiry on the concept of Globalization
A: Globalization is the process of interaction and integration between people, companies and government...
Q: 1. When should a company ideally enter a foreign market? a) when the foreign market is saturated b...
A: Any market which lies outside of the home country is known as a foreign market. It involves dealing ...
Q: Which of the following is NOT TRUE about bond valuation? * a. Bonds can sell either for a discount ...
A: A bond is a fixed-income security that represents an investor's debt to a borrower (typically corpor...
Q: What is aggregate demand and supply?
A: In economics, output is the amount of products and services produced during a given period of time. ...
Q: More and more global business firms are becoming stateless corporations. Do you think this may benef...
A: Multinational corporations conduct business in at least two countries. A multinational corporation i...
Q: Which of these is not a time-dependent economic indicator? A. IRR B. MARR C. ERR D. B/C ratio
A: The indicators that allow an analysis of the performance of the economy and predictions of the perfo...
Q: 2. Find Hicksian demand by duality for utility function: u(x1,x2) = 2/x, + 4/x2
A: Total utility means the level of satisfaction that a consumer gets by consuming the different units ...
Q: What might be the consequences If congress were to cut individual income tax rates in half ?
A: Tax cut proponents argue that lowering taxes boosts spending, which helps the economy. Those who opp...
Q: Use the below table to answer this question: Marginal Opportunity Cost Number of Forklifts Total Ben...
A: Marginal Opportunity Cost is the additional cost incurred by buying an additional forklift . It is g...
Q: 1. Given the inverse demand equation P = 10 – 0.05Q and the inverse supply equation P = 1 + 0.10Q: ...
A: Given; Demand Function; P=10-0.05Q Supply Function; P=1+0.10Q 1) Supply and Demand curve:-
Q: 1. Complete the following table. Total Fixed Total Cost Average Marginal Cost Variable Average Total...
A: Some basic formula that will be used to complete the given table Total cost = Fixed cost + Variable...
Q: Elya's construction company is charged 150 pesos per ton for hauling its raw materials by ABC trucki...
A: Given that; Elya's construction company is charged 150 pesos per ton for hauling its raw materials b...
Q: Price Supply h $11 9. D. Quantity 120 180
A: Elasticity of supply measures the responsiveness of quantity supplied with respect to change in pric...
Q: Solve and discuss the following income determination model: Y, =C, +1,C, =300+05y, +0.4y,-1 I, = 200...
A:
Q: The table below lists the CPI and wage values for the United States from different decades. a. Com...
A: CPI, consumer price index measures the change in cost of basket of goods and services an average ind...
Q: Consider an economy that lacks any safety regulations. After a review of various incidences of workp...
A: a) Many economic transactions take place in an environment of imperfect information, in which either...
Q: money-making financially successful * O slum Oinfrastructure profitable
A: money is a product acknowledged by broad assent as a mechanism of monetary trade. It is the medium w...
Q: The monopolist shown below faces a downward-sloping demand curve and produces at a constant marginal...
A:
Q: Let us de te Jonn s dally nours of nu his H. SuppoSe thất only source of income is wages for hours w...
A: John's working hours is denoted by H and leisure is denoted by N . The equation of work and leisure ...
Q: he demand (downward sloping line) and marginal cost (upward sioping curve) of a monopolist are shown...
A: From the graph, we can write, when Q=8, P=0 and Q=0, P=8 So the equation of demand function: P=8-Q ...
Q: Consider a Cournot equilibrium where each of the (n) firms faces a constant marginal cost of (m), th...
A: Given information Cournot demand curve P=a-bQ lets take 2 firm Q=q1+q2 Marginal cost=C
Q: 2. A man is considering investing P500, 000 to open a semi-automatic auto-washing business in a cit...
A: Option A is correct.
Q: A commercial vehicle is purchased for an acquisition cost of $300,000. The operating and maintenance...
A: Economic life is the life of an asset till the time it can be used. The EUAC of the defender is gre...
Q: Vegan food diets becoming more popular, more mainstream You've come a long way, vegan. Once mocked...
A: Market demand for a commodity can change as a result of a change in consumers income, their tastes a...
Q: What is the difference between original works and derivative works?
A: In economics, the terms original work and derivative work can be used to explain the source of data ...
provide the game matrix
Step by step
Solved in 4 steps with 4 images
- Consider the following voting game. There are three players, 1, 2 and 3. And there are three alternatives: A, B and C. Players vote simultaneously for an alternative. Abstaining is not allowed. Thus, the strategy space for each player is {A, B, C}. The alternative with the most votes wins. If no alternative receives a majority, then alternative A is selected. Denote ui(d) the utility obtained by player i if alternave d {A, B, C} is selected. The payoff functions are, u1 (A) = u2 (B) = u3 (C) = 2 u1 (B) = u2 (C) = u3 (A) = 1 u1 (C) = u2 (A) = u3 (B) = 0 a. Let us denote by (i, j, k) a profile of pure strategies where player 1’s strategy is (to vote for) i, player 2’s strategy is j and player 3’s strategy is k. Show that the pure strategy profiles (A,A,A) and (A,B,A) are both Nash equilibria. b. Is (A,A,B) a Nash equilibrium? Comment.A crime is witnessed by 3 citizens. Every citizen would like the police to be informed about the crime, but prefers that someone else reports it (filing a report is a hassle). Each of the three citizens chooses simultaneously (and independently) whether to call the police or not. When no one makes a call, every citizen receives payoff 0. If at least one citizen calls the police, citizens who call get payoff 5, and those who don't call get payoff 9. (a) Find all Nash equilibria in pure strategies. (b) Compute a symmetric Nash equilibrium in mixed strategies (i.e., an equilibrium in which every citizen calls with the same probability p E (0, 1)). (c) Does the game have a Nash equilibrium in pure or mixed strategies different from those you identified in (a) and (b)? If yes, construct one. If not, argue why not.Mr. and Mrs. Smith vote opposite in presidential elections in a swing state. Assign 1 point for voting your preferred candidate and 0 points if you don’t vote. If you don’t want your candidate to lose, what is the Nash equilibrium in this situation?
- The magazine Science 84 planned to announce a contest in which anyonecould submit a request for either $20 or $100. If fewer than 20% of the submissions requested $100, then everybody would receive what they requested. If 20% or more asked for $100, then everybody would get nothing. Although the magazine wound up not running the contest, because Lloyds of London was unwilling to insure against losses, we can still analyze what equilibrium would predict. Suppose 100,000 people might participate in the contest, and assume that payoffs are measured in money.a. Assume that every possible participant submits a request for either $20or $100. Find a Nash equilibrium.b. Now suppose that a request form comes only with the purchase of Science 84 and that the magazine costs $21.95. Then each person’s strategy set has three elements: do not buy the magazine, buy the magazine and submit a request for $20, and buy the magazine andsubmit a request for $100. Suppose zero value is attached to…Consider a game with two players (Alice and Bob) and payoffffs Bob Bob s1 s2 Alice, s1 3, 3 0, 0 Alice, s2 0, 0 2, 2 In the equilibrium in the above game, Alice should (A) always choose the fifirst strategy s1; (B) choose the fifirst strategy s1 with probability 40% ; (C) choose the fifirst strategy s1 with probability 50% ; (D) choose the fifirst strategy s1 with probability 60% .There are two candidates in an election that compete only on the education budget they will enact if elected. The budget can be any integer from $1 to $8 and the distribution of voters’ preferences over these outcomes is given below. For example, there are 2 voters that prefer a budget of $1, 4 voters that prefer a budget of $2, and so on. Furthermore, all voters have single-peaked preferences. Assume the candidates’ sole objective is to receive as many votes as possible. (Image Attached) a) Find a proposed budget for each candidate that constitutes an equilibrium. Explain.
- Mr. and Mrs. Smith vote opposite in presidential elections in a swing state. Assign 1 point for voting your preferred candidate and 0 points if you don’t vote. If you don’t want your candidate to lose, what is the Nash equilibrium in this situation, please explain ?0 E F 3 2 FIGURE 2 23 D G 2 H 0 1 (2) Two friends, Albert (A) and Berta (B), have to decide on going to one of three bars, Xenia's (X), Yara's (Y), or Zana's (Z). They decide to select a bar by alternatively vetoing bars until one remains. First Albert vetoes a bar. If at least two bars remain, then Berta vetoes another bar. That process continues until a single bar remains unvetoed. Suppose Albert prefers Xenia's to Yara's to Zana's and Berta prefers Zana's to Yara's to Xenia's. Assume that, for each of the two, going to their most preferred bar gives a utility of 2, going to their next preferred bar gives a utility of 1, and going to their least preferred bar gives a utility of 0. Model this as an extensive form game and find its Nash equilibria. Which of the Nash equilibria are subgame perfect?Someone at a party pulls out a $100 bill and announces that he is going to auction it off. There are n=10 people at the partywho are potential bidders. The owner of the $100 bill puts forth the following procedure: All bidders simultaneously submit a written bid. Only the highest bidders pay their bid (assuming that the highest bid is positive). If m people submit the highest bid, then each receives 1/m of the $100. Each person’s strategy set is {0,1,2,...,1000}{0,1,2,...,1000} so bidding can go as high as $1,000. The payoff of a player bidding bi is:0 if bi < max{b1,b2,…,bn},and 100/m − bi if bi = max {b1,b2,…,bn}where,m is the number of bidders whose bid equals max{b1,...,bn}. How many pure-strategy Nash equilibria does this game have? 1) 0 2) 1 3) 4 4) More than 4.
- Two staff managers in the ΠBΦ sorority, the house manager (player 1) and kitchen manager (player 2), must select a resident assistant from a poolof three candidates: {a, b, c}. Player 1 prefers a to b, and b to c. Player 2 prefers b to a, and a toc. The process that is imposed on them is as follows: First, the house manager vetoes one of thecandidates and announces the veto to the central office for staff selection and to the kitchenmanager. Next the kitchen manager vetoes one of the remaining two candidates and announcesit to the central office. Finally the director of the central office assigns the remaining candidateto be a resident assistant at ΠBΦ.a. Model this as an extensive-form game (using a game tree). You will need to define theutilities of both players.b. Find the subgame-perfect Nash equilibrium (or equilibria) for this game. Is it unique?c. Now assume that before the two players play the game, player 2 can send an alienatinge-mail to one of the candidates, which would…There is a beach with nine regions in it and two pop sellers must choose in which region to situate. Customers in each region walk to the closest seller to buy a pop. Each pop is sold for $1 each. Suppose that the customers are not distributed evenly across the regions. Regions 2 through 9 each have 10 customers but region 1 has x customers. For what values of x does the strategy of locating in region 2 dominate locating in region 1? In particular, what is the maximum value of x for this to be true? Please show all your calculations in your written solution.Consider the following two-player game with three options for each player. (Payouts are listed for the row player first, then the column player.) player Y layery 3,3 A 1,5 4,4 6,2 K 8,1 3,7 5,2 0,6 1,1 Find a mixed Nash equilibrium for this game. Solution suggestion: Use two variables per player. If p and are the probabilities of selecting the first two strategies, then 1-p-q is the probability of selecting the third strategy. You will need to solve a system of equations.