Two dentists, Lydia Russell and Jerry Carlton, are planning to establish practices in a newly developed community. Both have allocated approximately the same total budget for advertising in the local newspaper and for the distribution of fliers announcing their practices. Because of the location of their offices, Russell is expected to get 47% of the business if both dentist advertise only in the local newspaper; if both dentist advertise through fliers, then Russell is expected to get 42% of the business; if Russell advertises exclusively in the local newspaper and Carlton advertises exclusively through fliers, then Russell is expected to get 50% of the business. Finally, if Russell advertises through fliers exclusively and Carlton advertises exclusively in the local newspaper, then Russell is expected to get 49% of the business. (a) Construct the payoff matrix for the game. (Enter each percentage as a decimal.) Carlton N F Russell N F Is the game strictly determined? YesNo (b) Find the optimal strategy for both Russell (row) and Carlton (column). (Round your answers to three decimal places.) P = Q =

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Question

Two dentists, Lydia Russell and Jerry Carlton, are planning to establish practices in a newly developed community. Both have allocated approximately the same total budget for advertising in the local newspaper and for the distribution of fliers announcing their practices. Because of the location of their offices, Russell is expected to get 47% of the business if both dentist advertise only in the local newspaper; if both dentist advertise through fliers, then Russell is expected to get 42% of the business; if Russell advertises exclusively in the local newspaper and Carlton advertises exclusively through fliers, then Russell is expected to get 50% of the business. Finally, if Russell advertises through fliers exclusively and Carlton advertises exclusively in the local newspaper, then Russell is expected to get 49% of the business.

(a) Construct the payoff matrix for the game. (Enter each percentage as a decimal.)

Carlton

N F

Russell

N

F