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a) Define the term Nash equilibrium
b) You are given the following pay-off matrix:
Strategies for player 1
Strategies for player 2
L
C
R
T
2,0
1,1
4,2
M
3,4
1,2
2,3
B
1,3
0,2
3,0
i) What strategies survive the iterated elimination of strictly dominated strategies?
ii) What are the pure-strategy Nash equilibria of this game?
c) A Cournot duopoly has a demand function of the form p (Q)=a-Q and faces a marginal cost C>0 where a>c . Determine the profit maximizing output for each firm and the optimal price.
d) If the two firms in (a) were to merge to form a monopoly, what would be the profit-maximizing output and the corresponding price? Compare both the output and price under Cournot and monopolist.
In a Variable add game, the add of all player's payoffs differs counting on the methods they utilize. this can be the other of a continuing add game during which all outcomes invol
A reserve worth is that the minimum acceptable bid in an auction. If no bidder submits a bid higher than the reserve worth, the auctioneer keeps the item offered for sale. Alternat
Problem:-Two players take turns choosing a number between 1 and 10 (inclusive), and a cumulative total of their choices is kept. The player to take the total exactly to 100 is the
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Backward induction is an iterative procedure for resolving finite general form or sequential games. First, one decides the finest policy of the player who makes the last move of th
How did link die
How do I eliminate weakly dominated strategy
Matches or different objects are organized in 2 or a lot of piles. Players alternate removing some or all of the matches from anyone pile. The player to get rid of the last match w
This is Case of Competitive Games. Player 2 L R Player 1 L (60,40) (70,30) R (65,35) (60,40) Are either have dominant st
(a) A player wins if she takes the total to 100 and additions of any value from 1 through 10 are allowed. Thus, if you take the sum to 89, you are guaran- teed to win; your oppone
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