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Standard conventions in game theory
Consider the given table:
Y
3
-4
X
-2
1
3, -4, -2, 1 are the identified pay offs to X(X takes precedence over Y)
here the game has been represented in the form of a matrix. When the games are expressed in this fashion the resulting matrix is commonly known as PAYOFF MATRIX
A telephone exchange has two long distance operators.The telephone company find that during the peak load,long distance calls arrive in a poisson fashion at an average rate of 15 p
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A dealer sells a toy for Rs.24 and gains as much percent as the cost price of the toy. Find the cost price of the toy. Ans: Let the C.P be x ∴Gain = x % ⇒ Gain = x
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