What do the individual entries of a payoff matrix represent?
The representation of the individual entries of a payoff matrix.
Answer to Problem 1FCCE
Solution:
The individual entries of a payoff matrix represent the payoffs from player C to player R for various moves.
Explanation of Solution
A matrix whose rows and columns are labeled with the strategies of the players is called a payoff matrix.
Let us consider two players R and C, where R denotes row and C denotes column.
Then the payoff matrix is defined as:
Where, the player R can make
Entries of the payoff matrix,
That is,
For example,
Consider the payoff matrix,
If player C selects the first column and player R selects the second row, then C pays
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