Answer: 5x+6 = 6
Step-by-step explanation:
11 months will be the answer
To solve, isolate the variable (x)
Steps:
a) simplify 4/6, the smaller the number the better when it comes to fractions:
2/3x - 34 =32
b) add 34 to both sides:
2/3x = 66
c) multiply by 3 to get it out of the denominator:
2x = 198
d) divide by 2 to isolate x:
x = 99
To simplify the notation I will use "p" to denote probability player 1 goes up.
From equation you have, you set left utility equal to right utility, then solve for p.
-3p + (1-p) = 2p + 0
-4p + 1 = 2p
1 = 6p
p = 1/6
So 1/6 is the probability of player1 choosing up to create Nash equilibrium.
Answer:
c=3
Step-by-step explanation:
