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Suppose that the average trip time from Oak Park to UIC on the Blue line is 22 minutes and that the standard deviation of the population is 4 minutes (sigma=4). We are interested to know whether the average trip time on Thursdays is shorter. We study a sample of 25 trips on Thursdays and the average is 20 minutes. Execute a hypothesis test at alpha= 1% that the average trip time on Thursdays is shorter (that is, that it requires a smaller number of minutes). State Ho, Ha, calculate the appropriate statistic, p-value, state whether you reject Ho vs. not and state your conclusion in plain English. You must use the p-value method taught in class. If you use the critical value method, then you will receive 0 points for this part of the problem. Show all work.
What is the largest number of minutes that will allow you to reject Ho?
What is the probability that you will reject Ho if mu is actually 21 minutes?
Fill in the probabilities in the table below. Also indicate alpha, beta and power
Player 1 has the following set of strategies {A1;A2;A3;A4}; player 2’s set of strategies are {B1;B2;B3;B4}. Use the best-response approach to find all Nash equilibria.
A supplier and a buyer, who are both risk neutral, play the following game, The buyer’s payoff is q^'-s^', and the supplier’s payoff is s^'-C(q^'), where C() is a strictly convex cost function with C(0)=C’(0)=0. These payoffs are commonly known.
Pertaining to the matrix need simple and short answers, Find (a) the strategies of the firm (b) where will the firm end up in the matrix equilibrium (c) whether the firm face the prisoner’s dilemma.
Consider the two-period repeated game in which this stage game is played twice and the repeated-game payo s are simply the sum of the payo s in each of the two periods.
Two players, Ben and Diana, can choose strategy X or Y. If both Ben and Diana choose strategy X, every earns a payoff of $1000.
The market for olive oil in new York City is controlled by 2-families, Sopranos and Contraltos. Both families will ruthlessly eliminate any other family that attempts to enter New York City olive oil market.
Following is a payoff matrix for Intel and AMD. In each cell, 1st number refers to AMD's profit, while second is Intel's.
Determine the solution to the given advertising decision game between Coke and Pepsi, assuming the companies act independently.
Little Kona is a small coffee corporation that is planning entering a market dominated through Big Brew. Each corporation's profit depends on whether Little Kona enters and whether Big Brew sets a high price or a low price.
Suppose you and your classmate are assigned a project on which you will earn one combined grade. You each wish to receive a good grade, but you also want to avoid hard work.
Consider trade relations in the United State and Mexico. Suppose that leaders of two countries believe the payoffs to alternative trade policies are as follows:
Use the given payoff matrix for a simultaneous move one shot game to answer the accompanying questions.
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