PS444

6) You have been assigned to create a new TV game show, and you have an interesting idea that you call, “I WANT TO BE A MILLIONAIRE.” The basics are: 1) two contestants; 2) the show begins with each contestant being given $1 million (!), and then 3) they begin playing a game that can increase or decrease that $1 million. You worry that the initial outlay of $2 million will stun your producers, so you decide to prepare them with a simpler version of your game that you call: “I WANT $3.” There are four steps in this simpler game: I. There are two contestants/opponents (who do not know each other and cannot communicate with each other during the game). II. Each player is given $3 at the start of the game. III. Independently and simultaneously, each player must choose whether they want to add $0, $1, $2 or $3 to their initial stake of $3. Doing so reduces their opponent’s award by $0, $2, $4, or $6, respectively. IV. Each player knows that their payoff at the end of the game is based on…

6) You have been assigned to create a new TV game show, and you have an interesting idea that you call, “I WANT TO BE A MILLIONAIRE.”  The basics are: 1) two contestants; 2) the show begins with each contestant being given $1 million (!); and then 3) they begin playing a game that can increase or decrease that $1 million. You worry that the initial outlay of $2 million will stun your producers, so you decide to prepare them with a simpler version of your game that you call: “I WANT $3.” There are four steps in this simpler game: There are two contestants/opponents (who do not know each other and cannot communicate with each other during the game). Each player is given $3 at the start of the game. Independently and simultaneously, each player must choose whether they want to add $0, $1, $2 or $3 to their initial stake of $3. Doing so reduces their opponent’s award by $0, $2, $4, or $6, respectively. Each player knows that their payoff at the end of the game is based on their initial…

Kimberly's sister would like to start a business with her brother selling simple T-shirts that are green in color at all stores in the area. Her brother disagrees and thinks that the shirts should have a special logo on them and should be sold only at specific stores. As the deciding vote, what should Kimberly choose and why? Choose one: A selling green T-shirts because prices will be higher as the number of stores increases B. selling green T-shirts because prices will be higher as the shirt becomes more commonplace OC. selling shirts with a special logo because prices will be higher as the shirts becomes more unique OD. selling shirts with a special logo because prices will be higher as the shirts are sold in fewer stores OE. both C and D

Problem 7 A casino offers people the chance to play the following game: flip two fair coins. If both come up heads, the gambler wins $1. If both come up tails, the gambler wins $3. If one is heads and one is tails, the gambler gets nothing. The game costs $1.25 to play. Your friend, Richard, who has not taken a probability course and thus doesn't know any better, goes to this casino and plays the game 600 times. Estimate the probability that your friend loses between $132 and $195 over the course of the 600 games. (You need to provide a number instead of an expression involving NA(a,b)).

Question-2 The Lahore Metro Bus is crowded for travel during peak hours. During such travel hours two daily passengers 'Ali' and 'Hassan' enter the Metro. Luckily, two adjacent seats are free in the bus. Each of them must decide whether to sit or stand. For both, sitting alone is more comfortable than sitting next to the other person, which in turn is more comfortable than standing. (Note: for parts (a) & (b) below consider Ali as 'row player' and Hassan as 'column player'). a) Model the situation as a strategic game, assuming both 'Ali' and 'Hassan' care only about their own comfort. Find the Nash equilibrium (equilibria) if it exists. Also, does a dominant strategy exist for either 'Ali' or 'Hassan'? b) Now assume that both 'Ali' and 'Hassan' are altruistic, ranking outcomes according to the other person's comfort and, out of politeness, prefer to stand than to sit if the other person stands. Model the situation as a strategic game and find any Nash equilibrium (equilibria) if it…

Public Good Contribution: Three players live in a town, and each can choose to contribute to fund a streetlamp. The value of having the streetlamp is 3 for each player, and the value of not having it is 0. The mayor asks each player to contribute either 1 or nothing. Each player makes a decision without knowing others’ contributions. If at least two players contribute then the lamp will be erected. If one player or no players contribute then the lamp will not be erected, in which case any person who contributed will not get his money back. Write down the strategy sets of each player, their payoffs, and find all pure-strategy Nash equilibria.

Give typing answer with explanation and conclusion

Table 22-21 Three longtime friends-Linda, Stella, and Lydia are deciding how they will spend their Sunday afternoon. They all agree that they should do one of the three things: go to a comedy club, play soccer, or go to a tennis tournament. They also agree that they will have two pairwise votes to determine how to spend their afteroon, with the majority determining the outcome on each vote. The first, second, and third choices for each person are as indicated in the following table. First choice Second choice Third choice Linda tennis tournament soccer comedy club Stella soccer comedy club tennis tournament Lydia comedy club tennis tournament soccer Refer to Table 23-2. If (1) the first vote pits "tennis tournament" against "comedy club," and (2) the second vote pits "soccer against the winner of the first vote, then the outcome is as follows: ⒸA "Tennis tournament" wins the first vote and "tennis tournament" wins the second vote, so they go to a tennis tournament OB. "Tennis…

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QUESTION 8 S1, S2, S3 and S4 are UIUC students who just graduated. They each have a poster of Dolly Parton that they are willing to sell. B1, 82, B3 and B4 are new students at UIUC and want to buy Dolly Parton postern for their rooms. The tables below give the minimum selling prices and maximum buying prices for each student. Minimum Selling Prices Maximum Buying Pricen X+$9 S1 $10 B1 S2 $11 B2 X+$14 S3 $20 B3 X+$16 S4 $25 B4 X+$26 If X is negative $5 (.e., Xu-$5), what is the market-clearing price? Note: Do not include the dollar sign,

Topic B Problem: Imagine you have two competing athletes who have the option to use an illegal and/or dangerous drug to enhance their performance (i.e., dope). If neither athlete dopes, then neither gains an advantage. If only one dopes, then that athlete gains a massive advantage over their competitor, reduced by the medical and legal risks of doping. However, if both athletes dope, the advantages cancel out, and only the risks remain, putting them both in a worse position than if neither had been doping. What class concept best describes this situation? Using this class concept, what outcome do we expect from these two athletes? Are there any factors that could change the outcome predicted by this course concept?

Problem: Imagine you have two competing athletes who have the option to use an illegal and dangerous drug to enhance their performance (i.e., dope). If neither athlete dopes, then neither gain an advantage. If only one dopes, then that athlete gains a massive advantage over their competitor, reduced by the medical and legal risks of doping (the athletes believe the advantage over their competitor outweighs the risks from doping ). However, if both athletes dope, the advantages cancel out, and only the risks remain, putting them both in a worse position than if neither had been doping. What outcome do we expect from these two athletes?   Please use ideas like concepts of monopolies, Oligopolies and Game Theory and Factor markets for this scenario.

Philip sells homegrown heirloom tomatoes at a local farmer's market. Suppose for the past several weeks, Philip has been selling his tomatoes for $2.25 per pound and he has been selling 90 pounds of tomatoes each week. Suppose this week he drops the price of the tomatoes to $1.75 per pound and as a result of the price drop, he is stilling 110 pounds of tomatoes. (a) Using the midpoint rule, what is the percentage change in the quantity of tomatoes sold from the drop in price? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) 4 (b) Using he midpoint rule, what is the percentage change in the price of Philip's tomatoes? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) (c) Using the midpoint rule, what is the price elasticity of demand for Philips, tomatoes? (Enter your

Problem 1 You have been tasked with planning the annual gala for the United Way of Salt Lake. The event is intended to be a formal, but fun-filled evening with great food and entertainment. Prominent members (and donors) of the community regularly attend. The Gala is your largest fundraiser of the year. Consider the following “game against nature” in which mother nature has no payoffs. You must decide whether to hold the gala outdoors or indoors. The amount you can raise is determined by whether you choose indoors or outdoors and whether or not mother nature decides to rain. Historically, outdoor galas have proven to raise more money than indoor galas, but rain certainly tends to dampen donor moods. The payoffs and expected probabilities are provided in the following matrix:       Mother Nature       Rain (1/3) No rain (2/3) United Way Indoors 200,000 200,000   Outdoors 100,000 300,000 Should you hold the gala outdoors or indoors? Why? Show your work.

Cost-Benefit Analysis Suppose you can take one of two summer jobs. In the first job as a flight attendant, with a salary of $5,000, you estimate the probability you will die is 1 in 40,000. Alternatively, you could drive a truck transporting hazardous materials, which pays $12,000 and for which the probability of death is 1 in 10,000. Suppose that you're indifferent between the two jobs except for the pay and the chance of death. If you choose the job as a flight attendant, what does this say about the value you place on your life?

operation research

Q.4 (b) Suppose there are two roommates John and Bill; each has a wealth of $1000. They are trying to decide whether or not to buy a TV that costs $800, when each of them values it at $600. They agree on the following procedure to decide whether or not to buy the TV. Each person will write on a piece of paper whether or not he thinks the TV should be purchased. If both say yes, they buy the TV and split the cost evenly. If both say no, they don't buy the TV. If one says yes, and the other says no, the person who says yes is obligated to buy the TV on his own. In this context, answer the following: (i) Is it Pareto efficient for the two roommates to buy the TV? and What is the dominant strategy of each player in this game? (ii)

Julia and Ralph need to decide which one of them will take time off from work to complete the rather urgent task of pruning their trees. Julia is pretty good with a pole saw; she can prune the trees in 1 hour. Ralph is somewhat slow; it takes him 6 hours to prune the trees. Julia earns $120 per hour as a business consultant, while Ralph earns $15 per hour as a lifeguard.Keeping in mind that either Julia or Ralph must take time off from work to prune the trees, who has the lowest opportunity cost of completing the task?

Suppose that there are three beachfront parcels of land available for sale in Astoria, and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the selling price of each is $745,000. The following table states each person's willingness and ability to purchase a parcel.   Willingness and Ability to Purchase (Dollars) Alyssa 720,000 Brian 690,000 Crystal 680,000 Nick 900,000 Rosa 810,000 Tim 770,000   Which of these people will buy one of the three beachfront parcels? Check all that apply. Alyssa   Brian   Crystal   Nick   Rosa   Tim     Assume that the three beachfront parcels are sold to the people you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a price of $732,500. This fourth parcel    _____________be sold…

Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Their first choice, second choice, and third choice preferences are as shown: Anastasia Emma Greta First Choice Вeach Mountain biking Canoeing Second Choice Mountain biking Canoeing Beach Third Choice Canoeing Beach Mountain biking If the choice is between mountain biking and canoeing, how will the group vote? Select the correct answer below: two votes for mountain biking; one vote for canoeing two votes for canoeing; one vote for mountain biking three votes for mountain biking three votes for canoeing

1. when consent is given, the individual is held to this concern even if here she did not fully understand what was being consented to. True or false

After eating four slices of pizza, you are offered a fifth slice for free. You turn down the fifth slice. Your refusal indicates that the Multiple Choice marginal benefit for the fourth pizza slice is negative. total benefit for the fifth pizza slice is negative. marginal benefit for the fifth pizza slice is less than its marginal cost. marginal benefit for the fourth slice is the largest among all slices.   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.

COMMUNICATION WITH THE MILLENIALS The Millennial (including Generation Y) have arrived in the workplace and they are brining new ways to communicate. Surreys report that the generation lives by computer and cellphone communication. Three out of four Gen-Yers use instant messaging (including [twitter tweets, 15% of them are logged on to instant messaging 24/7. Mot Gen-Yers either have a space on a social networks site such as Facebook or frequent these sites where they have friends. These digital natives also get most of their news from the Internet rather than from television or newspaper. "Employers re going to find this generation communicate differently. They IM (instant manager). Send text messages and can't live without cellphone", says Dave O Brien, regional manger of Berbee, a company that helps businesses with their information technology needs. Frank Albi president of Inacom, a technology and business consulting firm, agree " the way they ( millennials) exchange information is…

Question 3 A certain household comprises of a couple, Adam (A) and Betty (B). They have lexicographic preferences over two goods G1 and G2 - A wants to consume as much of G1 as possible, before moving on to G2 whereas, for B, it is the opposite, she wants to consume as much of G2 as possible before moving on to G1.¹ Given their varying preferences, they decide to shop separately, after dividing the household income equally. The household income is $8. One difference to the usual setting - there are government restrictions in place so that no individual is allowed to buy more than two units of either good. Hint: Do not use mathematical brute force (like Calculus) to solve this problem. A simple diagram with appropriate budget lines, etc. should suffice.

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Economics The City of Buffalo plans to clean up an abandoned former industrial site in an urban Buffalo neighborhood. You have been asked to evaluate the benefits of the proposal. 1. Explain intuitively how the method you have selected measures the benefits you are trying to capture. What data are involved, and how do they provide information about these benefits? 2.Could you have used a stated preference method instead in this scenario? If so, would it have been preferable to do so instead of using a revealed preference method? Explain why or why not.

Don and Melinda are each allocated 10 apples. Initially, Don's marginal worth for an apple is $0.75, while Melinda's marginal worth is $1.00. If transaction costs are $0.30 per apple: Don and Melinda will trade, with Don ending up with fewer than 10 apples and Melinda with more than 10 apples. (B) Don and Melinda will trade until Don's marginal worth for an apple equals Melinda's marginal worth for an apple. Both (a) and (b). Don and Melinda will not trade.

N=2 video broadcasting websites, You and Twi, must decide the number of minutes of ads to be displayed for every video that the user elects to watch. Let tY be the number of ad-minutes per video set by You, and tT the number of ad-minutes per video set by Twi. Streaming one video costs You cY=0.02, while it costs Twi cT=0.03. There are 100 million potential users, and each watches videos according to the following demand curves: qY((tY,tT) =10-2tY+tT=10-2tT+tY  a- What is the cross-price elasticity between You and Twi? b- Suppose, for now, that You and Twi enter an (illegal) agreement by which they set tY=tT=t  Derive the total number of users in the market as a function of t. Derive the profits for each website as a function of t. c- Now let the two platforms compete by each setting their number of ad-minutes: i. What is the best reply of You? What is the best reply of Twi? ii. Find the Nash Equilibrium of the game. iii. How many total users choose You and how many total users choose…

2. Alex and Bill share a flat. Alex enjoys reading in silence, while Bill enjoys listening to loud music. Bill controls his music system, which can produce noise levels up to 100 Decibels. Bill has no cash but Alex has £100. Their utility functions are given by: UA = 10(100 – D)i + (100 – M), %3D Ug = 10(D)i + M, where D denotes the Decibel level chosen by Bill, and M denotes any cash given to Bill by Alex. (a) Explain how Bill's music level affects Alex. Find the contract curve between Alex and Bill. Why is there a unique Pareto efficient noise level? (b) What is the maximum amount Alex would be willing to pay Bill to turn down the music to the Pareto efficient level? What is the minimum amount Bill would be willing to accept in order to turn down the music to the Pareto efficient level? Can the Pareto efficient noise level be achieved through private bargaining?

(1) Sergei had to decide among watching a two-hour movie with a cost of $20, buying a book to read for $10 that would take about four hours to read, and going to a three-hour concert for $30. If he considers the benefit of each situation to be proportional to the amount of time, with a value of about $50 per hour, what is the opportunity cost of the best decision A) $190 B)$150 C)$120 D)$80