17. Samiyah and DeAndre decide to play the following game. They take turns choosing either 1, 2, or 3. As each number is chosen, it is added to the pre- viously chosen numbers. The winner is the player who chooses a number that brings the cumulative number to 10. For example, if Samiyah chooses Exercises 3 and DeAndre chooses 2 (so the cumulative number is 5) and Samiyah chooses 2 and DeAndre chooses 3 then DeAndre wins as his choice of 3 results in the sum equaling 10. Using SPNE, who wins?
Q: Explain the importance of risk factors underlying disasters
A: Macroeconomics is important for a country, as it includes the whole economy. Aggregate demand and ag...
Q: i. Draw a Demand and Supply diagram for Coffee Beans based on the demand and supply schedule below. ...
A: Equilibrium in the market is reached where quantity demanded equals quantity supplied, that is at th...
Q: You are given the following long-run cost function: TC = 200Q - 25Q2 + 1.5Q3 What level of Q will ec...
A: Here the firm's total cost=TC = 200Q - 25Q2 + 1.5Q3 here the total fixed cost-TFC=0 (since this is a...
Q: The increase in prices resulting from the levy of import duty usually reduces the consumption capaci...
A: The answer is False Here is why Coz when an country imposes a high import duty on foreign goods it ...
Q: In a competitive labour market, businesses seek to maximize profits at the least cost (ie. optimizin...
A: In a competitive labor market , a firm maximizes its profits and optimizes its input costs at the po...
Q: 4. Suppose there are two firms selling mobile phones along Luthuli Avenue. Firm I sells high quality...
A: ** Noted a typo, firm 1 buys high quality phones in line 2*** i. Consumers want to pay $14000 for a...
Q: What do monetarists predict will happen in the short run and i the long run as a result of each of t...
A: Quantity theory of money As per to the quantity theory of money, the amount of money in circulation ...
Q: Using two AD/AS diagrams, explain cost-push and demand-pull inflation.
A: Inflation can be divided into two types of categories: 1. Demand-Pull Inflation >Inflation that a...
Q: Consider a consumer with the following quasi-linear utility function Assume that the consumer faces ...
A: *Hi there , as you have posted question with multiple sub parts , following are guidelines we can on...
Q: A small open economy is described by the following equations: C = 50+0.75(Y-T), I = 200 -20r, NX = 2...
A: IS–LM model, or Hicks–Hansen model, is a two-dimensional macroeconomic tool that shows the relations...
Q: Match the most typical tax implication with the most appropriate life stage. Retirement Older Adulth...
A: When tally about tax implications, it can be seen that government charges different tax rates to the...
Q: In 2011, the greatest number of legal immigrants arriving in the United States came from: A. India...
A: D. Mexico and China Option "D" is correct. Mexico and China were the countries with the most legal ...
Q: Why is well-functioning financial system is a critical ingredient in achieving long-run growth? It e...
A: Financial markets (such as those in which stocks or bonds are traded), securities (from bank CDs to ...
Q: Regulating Monopoly Suppose you are an analyst for a board that regulates local monopolies. Your sup...
A: We will answer the first question since the exact one was not specified. Please submit a new questio...
Q: Is society made better off or worse of if a government policy results in some amount of dead weight ...
A: Dead Weight Loss is the sum of consumer and producer distortions.
Q: 4) Luke is planning an around-the-world trip on which he plans to spend $10,000. The utility from th...
A: Introduction Luke wants to spend $ 10,000 money of his trip. Total utility of the trip = U ( 10,000)...
Q: A large architectural firm has just landed a contract to build a hospital. Nine architects currently...
A: In economics, total cost is the sum of all costs incurred by a firm in producing a certain level of ...
Q: QBS company wishes to replace its current equipment that was purchased 8years ago with the newer tec...
A: Future Worth is defined as the method which is used to calculate the equivalent cost of the project ...
Q: a utility function of 2 goods X and Y: U (X, Y) = Xª +Y°, where a= 5 anc = 10 and Y= 4, the individu...
A: The marginal rate of substitution is calculated to see if how many units of x must be sacrificed to ...
Q: Suppose that a firm's marginal abatement cost function with existing technologies is MAC = 12 - E. ...
A: Given, With existing technology MAC = 12 - E With new technology, MAC = 6 - 0.5E As we know that, ...
Q: Question 2 Given the relation R with attributes A, B, C, D, and E, and the following functional depe...
A: Answer-
Q: The degree of inequality in the distribution of income in an economy is depicted in aln O Lorenz cur...
A: The Lorenz curve is a representation of the distribution of a metric – consumption, wages, education...
Q: 1. Consider allocations b-f (meaning points a, b, and f). Which allocations(s A. are better for Ross...
A: Note:- As per Bartleby guidelines, I am providing you with the answers to the first three subparts....
Q: Two independent ice cream vendors own stands at either end of a 1 mile long beach. Everyday there ar...
A: Introduction Two vendors are on a beach. They sell ice cream of price $6 each. Total 100 people come...
Q: Using the graph calculate the consumer surplus, producer surplus, and total surplus
A: Below is the diagram:
Q: According to our analysis of a worker's choice of how much to save for retirement using our model of...
A: Answer:- (D) An increase in the interest rate.
Q: Q3. Recall a barter trade case, where the number N of prices needed to complete exchanges among n go...
A: The US government needed to extend the money supply at a time when countries such as the United King...
Q: Covered interest parity implies that Arbitrage is riskless, and the foreign return, adjusted for the...
A: Note:- “Since you have asked multiple question, we will solve the first question for you. If you wan...
Q: bidding. Two bids wer rs. The first bid off- for 5 years, each pa ng of each year. The se 0,000 the ...
A: Present worth is the possibility that communicates a proportion of money today is worth more than ...
Q: pls, solve this ques within 10-15 minutes with clear explanations and also explain why other options...
A: Mark Lai is a student of agriculture science in Mikatra, who notes that the demand for rice has ris...
Q: On January 1st, the number of unemployed was 17 million and unemployment rate was 4.95%. The informa...
A: Answer: Given, Unemployed population (on 1st January) = 17 million Unemployment rate = 4.95% 4.95%=1...
Q: why
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a ti...
Q: Suppose that a cookie factory in a competitive market fices the following revenues and costs: Quanti...
A: 1st part answer: Figure attached below show the profits computed at each level of quantity by deduct...
Q: A firm's efficiency decision O always means hiring labor that will work for the lowest possible wage...
A: Efficiency refers to the equilibrium condition where social demand equals social cost.
Q: A tariff means increased revenue for the government. True False
A: A tariff is a type of tax imposed on imported goods. The imposition of tariffs increases the pri...
Q: When the law of diminishing returns takes effect a. a firm must always try to add the same amou...
A: The Law of diminishing returns is a short-run concept. It states that in the short run, when one fa...
Q: The below graph shows the domestic motor oil market in the U.S (in millions of barrels). Based on th...
A: International trade: - it means the buying and selling of goods and services with other countries.
Q: Under symmetric information, competitive insurance markets would offer A) complete coverage to high ...
A: The insurance contract deals with the transferring of risk from consumer to firm. The symmetric info...
Q: Using the model for a closed economy, if the nominal wage is $40 and we have a Cobb-Douglas producti...
A: Cobb douglas production function: Y = KαL1-α α = 0.2 (given) => Y = K0.2L1-0.2 => Y = K0.2L0.8...
Q: The choice experiment method ____. a. is an indirect, revealed preference approach for valuing envi...
A: Environmental economics is a subfield of economics that uses mainstream economic values and tools...
Q: Questions 1. Howard needs to buy a laptop computer to start online university courses. The price at ...
A: a. In economics, the opportunity cost refers to the value of the next alternative that has to give u...
Q: A moving company requires one van and two workers in one hour to do one task. If labour cost is $20/...
A: Labor Cost = 20 / hour Van Cost = 40 / hour Number of tasks to be completed = 20 Labor required f...
Q: Profit is maximum when Distance between TR and TC is maximum
A: The firm has objective to maximize the profit level. Some firms might have different objectives over...
Q: The following people are considered as strategic thinkers in business 1. Bill Gates 2. Steve Jobs 3....
A: In democratic government it has been particularly observed that there is both public and private sec...
Q: Which of the following statements is incorrect? Group of answer choices Private markets are organize...
A: Here, information about the exchange of securities between savers and investors are given.
Q: Consider the minimization problem M(p, y) = min x -U(x) s.t. p1 x1 + ... + pn · xn < y where U :Rn →...
A:
Q: The evidence is overwhelming that obesity generates demand for more joint replacements. O .A) This i...
A: Here, it is given that the demand for joint replacement increases with the increase in the obesity.
Q: Explain the shape of shortrun curves or derive the average long run curve from shortrun curve.
A: Because of diminishing returns, short-run cost curves tend to be U-shaped. At lower output levels, a...
Q: A. Quotas also have a redistributive effect if the fall in supply due to important restrictions enab...
A: Introduction Both A and B are true When import quotas has imposed then it has a redistributive effec...
Q: Given a utility function of 2 goods X and Y: U (X, Y) = X +Y4, the marginal utility of X [ Select ] ...
A: According to the question, utility function is given as : U(X,Y)=X4+Y4 Marginal utility of good X= ∂...
Games, Strategies, and Decision Making (2nd Edition) Edit edition Problem 17E from Chapter 8
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- H2. One day, Sam and Ryan play odds/evens to see who gets the last doughnut. On command, they each extend one or two fingers. If the sum is odd Sam wins the doughnut, if the sum is even Ryan wins the doughnut. Suppose the payoff from winning the doughnut is 1 and the payoff from losing is 0. a) Illustrate this interaction as a game in matrix form. b) Suppose that Sam thinks that Ryan will play one finger for sure? What will Sam play? Does Sam have reason to think that Ryan will play one finger for sure? c) Do either of them have a strictly dominated strategy? d) Find the pure strategy Nash equilibria of the game, if any. e) Suppose that Sam thinks that Ryan will play one finger or two fingers with even odds. Will Ryan play one finger for sure, play two fingers for sure or play each strategy with even odds? Does Sam have good reason to believe that Ryan will play one finger or two fingers with even odds?Two farmers have unlimited access to a common plot of land and can let their cows graze on it. The matrix below shows the benefits they get from grazing either 1 or 2+ cows on the land. Farmer 2 Farmer1 1 cow 2+ cows 1 cow 8,8 2,10 2+cows 10,2 4,4 What kind of game is this? What is/are the Nash equilibrium/equilibria? What is/are the Pareto efficient outcome(s) in this game? (Hint: Remember that Pareto efficiency occurs when no one person can be made better off without someone else being made worse off) The government offers a reward or subsidy for communities where farmers only allow 1 cow to graze on the common field, resulting in a new payoff matrix:…. Find the Nash equilibrium of the following modified Rock-Paper-Scissors game: • When rock (R) beats scissors (S), the winner’s payoff is 10 and the loser’s payoff is −10. • When paper (P) beats rock, the winner’s payoff is 5 and the loser’s payoff is −5. • When scissors beats paper, the winner’s payoff is 2 and the loser’s payoff is −2. • In case of ties, both players receive 0 payoff. You are suposed to create a system of equations and then solve for them and find 3 probabilities- please show how to do that
- Consider Bernard \ Mary Left Center Right Top 0,5 1,0 2,2 Bottom 1,0 0,3 2,2 The first number in a cell denotes the payoff to Bernard and the second number denotes the payoff to MaryForexample: πB(B,L)=1and πM(T,L)=5. a Give all pure strategy Nash equilibria of this one-shot game, if any. Briefly explain.Let Bernard play Top with probability p and Bottom with probability 1 − p; let Mary play Left with probability qL , Center with probability qC and Right with probability qR = 1 − qL − qC . b Give all mixed strategy Nash equilibria of this game.answer the ff: Suppose that each company cancharge either a high price for tickets or a low price. Ifone company charges $300, it earns low profit if theother company also charges $300 and high profit ifthe other company charges $600. On the other hand,if the company charges $600, it earns very low profit ifthe other company charges $300 and medium profitif the other company also charges $600.a. Draw the decision box for this game.b. What is the Nash equilibrium in this game?Explain.c. Is there an outcome that would be better than theNash equilibrium for both airlines? How could itbe achieved? Who would lose if it were achieved?Exercise 6.1Suppose that two airlines decide to collude. Analyse the game between these two companies. Suppose that each of them can charge for tickets a high price or a low price. If one of them charges 100 euros, it gets few profits if the other also charges 100 euros and high profits if the other charges 200 euros. On the other hand, if the company charges 200 euros, it obtains very little profit if the other charges 100 euros and an average profit if the other also charges 200 euros. a) Represent the matrix of results of this game. b) What is the Nash equilibrium in this game? Explain your answer. c) Is there an outcome that would be better than the Nash equilibrium for the two airlines? How could it be achieved? Who would lose out if it were reached?
- What is the Nash Equilibrium in a game?A. A situation where all players cooperate for maximum gainB. A situation where no player can improve their outcome by changing their strategy unilaterallyC. A situation where players always choose the same strategyD. A situation where players randomly select strategies1. Consider the following simultaneous move game Player 2 C D Player 1 A 4,3 4,-2 B 2,2 3,-1 C 3,0 4,0 d) Suppose the game is now played sequentially where Player 1 chooses first, player 2 observes 1’s choice and then makes his own choice. What are the Nash equilibria of this sequential game?a. The president of a Japanese electronics company, Takashi Hashiyama, famously chose the auction housefor his company’s art collection by having representatives from two auction houses, Christie’s and Sotheby’s,play a round of rock-paper-scissors. At stake were millions of dollars in commissions. Show the payoff matrixfor a game where the payoff is 1 if you win, 0 if you tie, and -1 if you lose. I’m sure you know this already, butjust in case: rock breaks scissors, scissors cut paper, and paper smothers rock. Here’s an article about the actualgame if you’re interested. b. If you were in a high stakes game…
- 12. Consider a game where each player picks a number from 0 to 60. The guess that is closest to half ofthe average of the chosen numbers wins a prize. If several peopleare equally close, then they share theprize. The game theory implies that (A) all players have dominant strategies to choose 0 (B) all players have dominant strategies to choose 30 (C) there is a Nash equilibrium where all players pick 0 (D) there is a Nash equilibrium where all players pick positive numbers 13. Behavioral data in such games suggests that (A) most subjects choose 0; (B) most subjects choose 30; (C) common answers include 30, 15, 7.5, and 0; (D) most subjects use randomization. Can you help me answer number 13 please?Consider the payoff matrix for a game depicted below. Player 1 selects the row and Player 2 selects the column. Up Down Left 1, -1 -1, 1 Right -1, 1 1, -1 What is (are) the Nash equilibrium (equilibria)? Question 18Answer a. Player 1 plays right; Player 2 plays down b. Player 1 plays left; Player 2 plays down c. Player 1 plays down; Player 2 plays left d. Player 1 plays right; Player 2 plays up e. Player 1 plays up; Player 2 plays left f. There is no Nash equilibrium g. Player 1 plays down; Player 2 plays right h. Player 1 plays up; Player 2 plays right i. Player 1 plays left; Player 2 plays upA game is played as follows: First Player 1 decides (Y or N) whether or not to play.If she chooses N, the game ends. If she chooses Y, then Player 2 decides (Y or N) whetheror not to play. If he chooses N the game ends. If he chooses Y, then they go ahead and playanother game with the payoffs shown below. A player who opts out by choosing N gets 2 andthe other player gets 0. Draw the tree of this game and then find the two subgame-perfect Nashequilibria.