Rock-paper-scissors game, Managerial Economics

A mother is torn among choosing her son Leonardo and her daughter Meryl to have the last bar of chocolate in her cupboard. As both her children's needs the chocolate and she needs to be fair, she decides to resolve the issue by having her children compete in the playground game of rock-Paper-scissors. According to the rules of the game, a rock (fist) breaks scissors (two fingers striking out), scissors cut paper (flat hand), and paper smothers rock. If both players end up taking the similar there is a tie and the game is repeated.

a) Determine the payoff matrix for this rock-paper-scissors game

 

Posted Date: 3/26/2013 4:09:34 AM | Location : United States







Related Discussions:- Rock-paper-scissors game, Assignment Help, Ask Question on Rock-paper-scissors game, Get Answer, Expert's Help, Rock-paper-scissors game Discussions

Write discussion on Rock-paper-scissors game
Your posts are moderated
Related Questions
Q. Avoiding Surplus and Inadequate Production? Demand forecasting is essential for the new and old organisations. It is somewhat necessary if an organisation is engaged in larg

Q. What is Production and Cost Function? Production functions and cost functions are the keystones of managerial and business economics. A production function is a mathematical

Where does the firm Operate? The firm will avoid stages I, II and III and will instead choose stage II.  It will avoid stage I because this shall involve using the fixed facto

INTERNATIONAL TRADE Definition It is the exchange of goods and services between one country and another.  International Trade can be in goods, termed visibles or in servi

What is optimal output rule? Optimal output rule: According to the optimal output rule, describe that profit is maximized through producing the quantity of output at that th

Disadvantages of Mixed Economy Large monopolies can still exist in the private sector, and so competition does not really take place There is likely to be a lot of bureaucr

Q. What do mean by Convex Isoquant? Isoquants are convex to the origin: At any point of an isoquant,the slope is negative. Its numerical value measures the marginal rate of te

what are the examples of the types of elasticity (price,income & cross elaticity


a) A reduce in supply and an enhance in demand will cause the equilibrium:   b)  Which of the following is most likely to cause a reduce in the present demand for  some product X