Homework Help is Here – Start Your Trial Now!
Business
Economics
Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and “Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses “Go to Bed" with p = 0 and “Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and “Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. I| 25. Is Ron's strategy described in question #part of a mixed strategy Nash Equilibrium (NE)? a. Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this game. c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. e. There is not enough information provided to answer this question.

Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and “Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses “Go to Bed" with p = 0 and “Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and “Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. I| 25. Is Ron's strategy described in question #part of a mixed strategy Nash Equilibrium (NE)? a. Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this game. c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. e. There is not enough information provided to answer this question.

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter15: Oligopoly And Strategic Behavior
Section: Chapter Questions
Problem 17P
See similar textbooks
icon
Related questions
Question
Ron Go to Bed Adventure Go to Bed 40, 40 10, 20 Adventure 20, 10 60, 60 Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and “Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 25. Is Ron's strategy described in question # part of a mixed strategy Nash Equilibrium (NE)? Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. There is not enough information provided to answer this question. а. game. е. Harry
Transcribed Image Text:Ron Go to Bed Adventure Go to Bed 40, 40 10, 20 Adventure 20, 10 60, 60 Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and “Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and "Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 25. Is Ron's strategy described in question # part of a mixed strategy Nash Equilibrium (NE)? Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. There is not enough information provided to answer this question. а. game. е. Harry
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Nash Equilibrium
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS