Find the value of the game given the payoff matrix below and the optimal mixing strategies of both players.
A politician can emphasize jobs or the
environment in her election campaign. The
voters can be concerned about jobs or the
environment. A payoff matrix showing the utility
of each possible outcome is shown. The political
analysts feel there is a 0.51 chance that the
voters will emphasize jobs.
Voters
Jobs Environment
+25
Jobs
- 10
Environment - 15
+30
Which strategy should the candidate adopt? What is the expected utility?
Which should the candidate emphasize to gain the highest utility?
Jobs
Environment
What is the expected utility of the strategy chosen in the previous step?
7.05 (Type an integer or a decimal.)
Write the payoff matrix for the given game, use Rachel as the row player.
Two players, Rachel and Charlie, each have two cards. Rachel has one black card with the number 3 and one red card with the number 5. Charlie has a black card with a 6 written on it and a red card with a 1. They each select one of their cards and simultaneously show the cards. If the cards are the same color, Rachel gets, in dollars, the sum of the two numbers shown. If the cards are different colors, Charlie gets, in dollars, the difference of the two numbers shown.
Chapter 11 Solutions
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
A Survey of Mathematics with Applications (10th Edition) - Standalone book
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