In Problems 9-16, the matrix for a strictly determined game is given. Find the value of the game. Is the game fair?
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- Consider the following game. Two construction firms are thinking about bidding cable stayed bridge in one of the lakes near to Warangal. The take from the bridge construction would be Rs. 20 lakhs each, but the job requires two firms (one to design and one to build the structure). Each firm could instead build apartment in smart city project. The take from apartment in smart city project is only Rs. 5 Lakhs but can be done with one firm acting alone. i. Write down the payoff matrix for this game. ii. What are the strategies for this game? ii. What are the equilibria for this game?.arrow_forwardKiara and her friends are playing The Duck Game at a local fair. In this game, the player selects one of 50 identical plastic ducks from a pool. The bottom of each duck is numbered 1, 2, or 3. If you draw a duck with a 1, you win a small prize, a duck with a 2 will win you a medium prize, and a duck with a 3 will win a large prize. According to the game operator, there are 25 ducks with the number 1 on the bottom, 20 ducks with the number 2, and 5 ducks with the number 3. Use the information given to explore some of the mathematical concepts you have practiced so far by answering the questions below. Suppose that Kiara plays The Duck Game once. What is the probability that she draws a duck with the number 3 on the bottom? Explain the process you used to solve this question. Kiara draws a duck with a 1 on her first try and decides to play the game again. This time her friends Denny and Rayanna play the game with her. Each friend takes a turn drawing a duck from the pond. Once all…arrow_forwardConsider the game described by the following table. What is the best response for the column player if s/he knows that the row player will make the Y move? B OA O C ROW PLAYER O There is no definitive answer. X Y COLUMN PLAYER A 4, -1 3, -1 B -1,0 -2,4 C 2,1 0,2arrow_forward
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