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omeli [17]
3 years ago
9

Solving for dominant strategies and the Nash equilibrium

Business
1 answer:
Svetach [21]3 years ago
3 0

Question Completion:

Matrix payoff:

                                              Sharon

                                  Left              Right

Paolo     Left              8,  3             4,   4

              Right           5,  3             5,   4

Answer:

The only dominant strategy in this game is for ___Paolo______ to choose ____Right______.

The outcome reflecting the unique Nash equilibrium in this game is as follows: Paolo chooses ____Right______ and Sharon chooses __ Right_____.

Explanation:

a) Paolo's dominant strategy is the strategy that always provides the greater utility to Paolo, no matter what Sharon's strategy is.  In this case, the dominant strategy for Paolo is to choose RIGHT always.

b) The Nash Equilibrium concept determines the optimal solution in a non-cooperative game in which each player (e.g. Paolo and Sharon) lacks any incentive to change their initial strategies. This implies that each player can achieve their desired outcomes by not deviating from their initial strategies since each player's strategy is optimal when considering the decisions of the other player.

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15. Finding a place to live in Mumbai, India, has been getting harder these days for people who are not vegetarians. Vegetariani
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Java Joe operates a chain of coffee shops. The company pays rent of $20,000 per year for each shop. Supplies (napkins, bags and
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Answer:

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Variable cost -

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If the current price of a market basket of goods is $850, the current year GDP deflator is 170, and the base year price index is
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Answer:

$500

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DATA

The current price of the market basket of goods = $850

Current year GDP deflator                                      = 170

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