Eliminate all the forbidden and dominated actions

Assignment Help Business Economics
Reference no: EM131392110

Consider your favorite Rock, Paper, Scissors game. Assume that Player 1 is not allowed to use Scissors. Construct the original 3-by-3 matrix of the game and eliminate all the forbidden and dominated actions. Hint: if player 1 is not allowed to use Rock, the one of the player 2's actions is dominated by at least one other action (compare payoffs for player 2, and see which one will always give the lowest). [please include grid, other answers were hard to follow]

Reference no: EM131392110

Questions Cloud

Represent the slop of the consumption schedule : Advance analysis: Linear equation for the consumer assumption and savings schedules takes the general form C=a+bY and S = -a+ (1-b) y, where C, S and Y are consumption, saving, and national income, respectively. The constant a represent the vertical ..
Gains of trade are possible for two countries : Gains of trade are possible for two countries if they have:
How would you show unemployment graphically : The Consumer Price Index is: To fight inflation you would: How would you show unemployment graphically?
Find the price elasticities at two profit maximizing points : A monopolist faces two separate demand curves in two separate markets: P1 = 72 - 3Ql and P2 = 90 - 2Q2. The total cost curve is TC = 6 + 6Q. Find the price elasticities at the two profit maximizing points.
Eliminate all the forbidden and dominated actions : Consider your favorite Rock, Paper, Scissors game. Assume that Player 1 is not allowed to use Scissors. Construct the original 3-by-3 matrix of the game and eliminate all the forbidden and dominated actions.
The market is initially in long-run equilibrium : The market for plumbing services in a city can be characterized by the model of monopolistic competition. Suppose that the market is initially in long-run equilibrium, and then there is an increase in demand for plumbing services.
What are the root causes of poverty : Events like hurricane Katrina have revealed the extent of poverty in modern America. What does poverty in the United States look like over the last 200 years? What are the root causes of poverty? How have people reacted to poverty? How has the govern..
Fixed amount toward the provision of public good : Three people choose whether to contribute a fixed amount toward the provision of a public good. The good is provided if and only if at least two of them contribute. Formulate this situation as a strategic game. Represent the game in the form of the p..
Regarding the reserve requirements : If you establish the value of goods and services necessary to provide a minimum standard of living below which people are poor, you have come up with an income test that is called a(n): Which of the following is true regarding the reserve requirement..

Reviews

Write a Review

Business Economics Questions & Answers

  Use straight-line-quadratic and cubic formulas

Fit three possible statistical cost functions to the data. Use straight-line, quadratic, and cubic formulas. Discuss the statistical results you obtained in question 1. Include in your discussion R2 , the coefficients, and the statistical significanc..

  Use supply-demand graph to demonstrate

Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs.

  Determine market equilibrium price and quantity of liquor

Suppose the market for liquor is given by the following demand and supply equations: Demand: QD = 100 – PL – 2PC, where QD is the quantity demanded of liquor, PL is the price of liquor (in dollars), and PC is the price of cigarettes (in dollars).  De..

  How much will your firms total revenues

You are the manager of a firm that receives revenues of $20,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -3, and the cross-price elasticity of demand between product Y and X is -..

  What is the value of the slope of the saving curve

Desired consumption and investment are Cd = 4000 - 4000r + 0.20Y; Id = 2400 - 4000r. As usual, Y is output and r is the real interest rate. Government purchases, G, are 2000. Given the consumption function, what the value of the MPC? Given the saving..

  Justified in resorting to violence to achieve their goals

In reaction to the growing Western influence in China, a secret society known as the Boxers waged a violent uprising. How do reactionary movements, such as the Boxer Rebellion, begin? Are they ever justified in resorting to violence to achieve their ..

  Overseas conflicts are ended and american

The government begins providing health care subsidies for all Americans.b. Private investors become less optimistic about the economy.c. All overseas conflicts are ended and American troops return home.

  Economy was in precarious position

In retrospect, it is clear that the U.S. economy was in a precarious position in 2006. Trillions of dollars had been borrowed to buy housing on the expectation that home prices would keep on rising. In 2006 the house prices fell; what happened in rel..

  Steganography allows hiding sensitive information

Steganography allows hiding sensitive information inside image (and audio) files. During a computer forensic investigation, you will most likely need to analyze image files as part of the evidence. In addition to viewing the image looking for any ..

  Suppose the price of capital falls relative to the wage rate

Suppose the price of capital falls relative to the wage rate and, as a result, the demand for labor increases. Are these inputs gross substitutes, or are they gross complements? What can you infer about the relative strengths of the output and substi..

  Discuss the acceptance by key stakeholders

________ is a form of accounting that recognizes expenses as they are paid and recognizes revenue as it is generated. According to the text, which of the following terms is used to discuss the acceptance by key stakeholders that your business is more..

  Effective employee communications

Why is there currently an even greater need for effective employee communications? Describe some efforts made by U.S. firms that demonstrate the uniquely American concept of corporate social responsibility (CSR). Provide examples to support your  ans..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd