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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.
PROBABILITY AND EXPECTED UTILITY Most students know the elementary combinatorial rules for probability algebra and need only a refresher with some exam- ples. We have used card
The title of a "player" who selects from among her methods randomly, primarily based on some predetermined chance distribution, instead of strategically, primarily based on payoffs
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mixed strategy game with ordinal and cardinal payoffs example please
a) Define the term Nash equilibrium b) You are given the following pay-off matrix: Strategies for player 1 Strategies for player 2
To give Mom a day of rest, Dad Plans to take his two children, Bart and Cassie, on an outing on Sunday.Bart prefers to go to the amusement park (A), Whereas Cassie prefers to go to
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please compute this number 885 for the swertres lotto game.
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