The following game matrix represents an interaction between the Science and Humanities faculties at a university. They have to decide on the construction of a lab or a theater. Science Science This is a Lab (q) Theater Humanities Lab (p) 4,2 0,0 Osimultaneous game Osequential game a combination sequential and simultaneous game a semi separating game Humanities Theater 0,0 1,5
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- Course dashboard Generally, economies of scope are present when. Lutfen birini seçin. O a joint output is greater from a single firm producing two goods than could be achieved by two different firms each produoing a single product (assuming equivalent production anputs in both situations). O b.egonorues of scale are constant in the joint production of twaproducrs Oc egonomes of scale are present in the preduction of tvo or more coods Od.joint.otputis less from a single firm than could be achieved fomtwedifferent firms SLuations) SONRAKİ SAYFA FAage Which of the following statements is the best description of a Nash equilibrium? Select one: O a. An equilibrium outcome achieved by cooperation between players in the game b. An outcome that is achieved when players in the game have jointly maximized profits and divided those profits according to market share of each player O c. An outcome where each player's strategy depends on the behaviour of its opponents d. An outcome where each player's best strategy is to maintain its present behaviour given the present behaviour of the other players Next page1) What are the Nash equilibria? Which one is unreasonable/non-credible threat? 2) What are the subgame perfect Nash equilibria? Does SPNE concept eliminate the unreasonable Nash equilibrium?
- Give atleast short definition about the statement of the problem given below.fnan421 WWord Gozden Geç r Gorunum Varc m Ne yaomak steci gnz soy evn 1) Two firms, X and Y, are planning to market their new products. Each firm can develop either TV or Laptop. Market research indicates that the resulting profits to each firm for the alternative strategies are given by the following payoff matrix: FIRM Y TV LAPTOP FIRM X TV 30, 30 50, 35 LAPTOP 40,70 20, 20 A) If both firms make their decisions at the same time and follow maximin (low-risk) strategies, what will the outcome be? B) Suppose both firms try to maximize profits, but Firm X has a head start in planning, and can commit first. Now what will the outcome be? What will the outcome be if Firm Y has a head start in planning and can commit first? I4. Consider the following static zero sum game G. Colin D E A-4 1 3 1 4 1 -1 -1 D 3 -1 (a) Draw the movement diagram for the game. (b) Explain why you would expect Colin's optimal strategy for G to involve at most four of his available pure strategies. 143 5 4223
- Football weights The Sears Cup was established in 1993to honor institutions that maintain a broad-based athleticprogram, achieving success in many sports, both men’sand women’s. Since its Division III inception in 1995, thecup has been won by Williams College in every yearexcept one. Their football team has a 85.3% winningrecord under their current coach. Why does the footballteam win so much? Is it because they’re heavier thantheir opponents? The table shows the average teamweights for selected years from 1973 to 1993.a) Fit a straight line to the relationship between Weightand Year.b) Does a straight line seem reasonable?c) Predict the average weight of the team for the year2003. Does this seem reasonable?d) What about the prediction for the year 2103? Explain.e) What about the prediction for the year 3003? Explain. Year Weight (lb) Year Weight (lb)1973 185.5 1983 192.01975 182.4 1987 196.91977 182.1 1989 202.91979 191.1 1991 206.01981 189.4 1993 198.7Problem 3. Consider the following game with three firms. First, firms 1 and 2 si- multancously choose quantities q1 and q2 respectively. After observing firm 1 and 2's quantities, firm 3 chooses its quantity q3. There is no production cost and the inverse demand function is p= 12 – (91 +2 + 93). (a) Compute the SPNE of this game. (b) Give an example of Nash equilibrium s* with s = 4 and s, = 6 , that is not subgame perfect. game theory questionWhile grading a final exam, an economics professordiscovers that two students have virtually identical answers.She is convinced the two cheated but cannot prove it. The professorspeaks with each student separately and offers the followingdeal: Sign a statement admitting to cheating. If both studentssign the statement, each will receive an “F” for the course. Ifonly one signs, he is allowed to withdraw from the course whilethe other student is expelled. If neither signs, both receive a “C”because the professor does not have sufficient evidence to provecheating.a. Draw the payoff matrix.b. Which outcome do you expect? Why?
- Two firms, A and B, are each considering trying to develop a newwidget. Whichever firm is first to develop the new widget wins a patent worth $20 million plus a penny.Developing a new widget involves several ‘steps’. The firms alternate moves, with A moving first, until oneof them wins the patent. All moves are observed. In each turn, a firm can choose whether to take 0, 1, or2 development ‘steps’. Taking 0 steps in a turn costs that firm $0. Taking 1 step in a turn costs $4 million.And taking 2 steps in a turn costs $11 million. For simplicity, assume a zero discount rate. Initially, eachfirm is 4 steps away from completing development.(a) Describe and explain carefully what will happen in this patent race and why. [Hint: it may help toread Dutta ch 12 (but notice I changed the numbers).](b) Very briefly explain what is the economic rationale for granting ‘intellectual property rights’ such aspatents. What are some disadvantages for society of granting such rights?fnan421 Word Gozden Geçir Górunum Vard m e vaomak sted nz sOv eyin 1) Two firms, X and Y, are planning to market their new products. Each firm can develop either TV or Laptop. Market research indicates that the resulting profits to each firm for the alternative strategies are given by the following payoff matrix: FIRM Y TV LAPTOP FIRM X TV 30, 30 20, 35 LAPTOP 40,70 20, 20 A) What is the cooperative outcome? B) Which firm benefits most from the cooperative outcome? How much would that firm need to offer the other?learn.canterbury.ac.nz Clasarsom Nov 15-ICO EUC LEARN | AKO See the game below and answer the questions 8 to 11: Player-1 C Player-2 X, Y Y Player-1 9 14 8. Player-2 16 17 16 Nash Equilibrium in this game: Select one: O a. Playert: C; Player2: X O b. Playert: C; Player2: Y Oc. Playert: L; Player2: X Od. Playert: L; Player2: Y e. None