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Kryger [21]
3 years ago
13

Suppose Eric and Ginny are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix t

hat follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Eric chooses Right and Ginny chooses Right, Eric will receive a payoff of 9 and Ginny will receive a payoff of 5.
Ginny Left Right Eric Left 6, 6 8, 5 Right 3, 6 9, 5
The only dominant strategy in this game is for to _____. The outcome reflecting the unique Nash equilibrium in this game is as follows:_____.
Eric ______ and Ginny _______
Business
1 answer:
Aneli [31]3 years ago
3 0

Answer:

The only dominant strategy in this game is for <u>Ginny</u><u> </u>to <u>choose Left</u>.

The outcome reflecting the unique Nash equilibrium in this game is as follows:

Eric <u>chooses Left</u> and Ginny <u>chooses Left</u>.

Explanation:

The following payoff matrix is given in the question:

                        Ginny

                  Left          Right

Eric Left     6, 6            8, 5

      Right   3, 6            9, 5

The explanation of the answer is now given as follows:

A dominant strategy can be described as a strategy that makes a player in a game better off no matter the choice of strategy his opponent.

Looking at this game, when Eric plays Left, Ginny will also play Left because 6 > 5. When Eric plays Right, Ginny will still play Left because 6 > 5. This is an indication that Ginny will always play Left no matter what Eric plays. Therefore, the dominant strategy for Ginny is Left.

On the other hand, when Ginny plays Left, Eric will also play Left because 6 > 3. And when Ginny plays Right, Eric will also choose Right because 9 > 8. This implies that Eric does not have any particular strategy that make him better off. Therefore, Eric does NOT have a dominant strategy.

Based on the analysis above, we have:

The only dominant strategy in this game is for <u>Ginny</u><u> </u>to <u>choose Left</u>.

The outcome reflecting the unique Nash equilibrium in this game is as follows:

Eric <u>chooses Left</u> and Ginny <u>chooses Left</u>.

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6 0
2 years ago
The Green Fiddle is considering a project with sales of $86,800 a year for the next four years. The profit margin is 6 percent,
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Answer:

This project should be rejected  because the AAR is 10.68 percent.

Explanation:

The accounting rate of return of the project needs to computed,compared with the required accounting rate of return  in order to decide whether the project should accepted or rejected:

Profit margin=$86,800*6%=$5208

Average operating assets=($97,500+$0)/2=$48.750

Accounting rate of return=profit margin/average operating assets*100

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3 years ago
In 2021, the Marion Company purchased land containing a mineral mine for $1,150,000. Additional costs of $448,000 were incurred
babymother [125]

Answer:

Marion Company

a1) Depletion of the Mine for two years:

2018: 41,000/310,000 * $1,488,000 = $196,800

2019: 51,000/397,500 * $1,488,000 = $190,913

a2) Depreciation of Mining Facilities:

2018: 41,000/310,000 *$102,300 = $13,530

2019: 51,000/397,500 * $102,300 = $13,125

a3) Depreciation of Mining Equipment

2018: 41,000/310,000 *$46,500 = $6,150

2018: 51,000/397,500 * $46,500 = $5,966

b) Book Values December 31, 2019:

1) Mineral Mine:

Cost = $1,598,000

Accumulated Depletion $387,713 (2018 & 2019)

Book Value = $1,210,287

b2) Structures:

Cost = $102,300

Accumulated Depreciation $26,655 (2018 & 2019)

Book Value = $75,645

b3) Equipment:

Cost = $51,500

Accumulated Depreciation $12,116

Book Value = $39,384

Explanation:

a) Cost of Mine:

Land              $1,150,000

Development $448,000

Less Resale    ($110,000)

Total cost =  $1,488,000

b) Cost of Facilities or Structure:

Building cost = $102,300

c) Cost of Equipment = $51,500 - $5,000 = $46,500

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e) Depreciation is an accounting method for allocating the cost (the value used up) of a tangible or physical asset over its useful life.

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