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- Consider the p-beauty contest game. a group of people wrote down a number between 1 and 100. 2/3rd of the average of all the numbers was calculated. Whoever's answer was closest to the value wins. (a) Write down a game representing this situation. You will have to make some assumptions about the utility of the players. Make sure you state your assumptions explicitly. (b) Which actions are strictly dominated? (c) Which actions are weakly dominated? (d) Suppose that Jim is a student in the class. Jim is rational and thinks that all of his classmates are cautious and will not play weakly dominated actions. Based on this information alone, what can you conclude about Jim's choice?* Please be advised this is for practice preperation only ** i just really need help on this - I dont undertsand Which of the following is true?(a) This game has 2 subgames.(b) “Play A” is an example of a possible strategy for Player 1.(c) “Play C ” is an example of a possible strategy for Player 2.(d) “Play A in the beginning, and play H if P2 chooses C” is an example of a possible strategy for Player 1.(e) “Play G after A, and Play H after B” is an example of a possible strategy for Player 2.No written by hand solution 1.Factory does not install scrubber,Farmer uses south field Crop Damage ($)= 120 Farmer cost ($)=0 Factory Cost($)=0 Social cost =120 2. Factory does not install scrubber, Farmer rents west field Crop Damage ($) = 50 Farmer cost ($)=20 Factory Cost($)=0 Social cost =70 3.Factory installs scrubber,Farmer uses south field Crop Damage ($)= 35 Farmer cost ($)=0 Factory Cost($)=40 Social cost =75 4.Factory installs scrubber,Farmer rents west field Crop Damage ($)=0 Farmer cost ($)=20 Factory Cost($)=40 Social cost = 60 A ) Suppose that the factory has the right to pollute and is under no legal obligation to install the scrubber. What is the farmer’s willingness to pay to induce the factory to install the scrubber? Why? B )Suppose that the factory has the right to pollute and is under no legal obligation to install the scrubber. What is the factory’s willingness to accept in order to install the scrubber to abate its pollution? Why? C )Under the property rule…
- Suppose that you are interested in choosing a set of investments {1,...,7} using 0 - 1 variables. Model the following constraints using only linear equations (obs: operators such as or or if can not be used): (a) You cannot invest in all of them. (b) You must choose at least one of them. (c) Investment 1 cannot be chosen if investment 3 is chosen. (d) Investment 4 can be chosen only if investment 2 is also chosen. (e) (bonus) You must choose either both investments 1 and 5 or neither. (f) (bonus) You must choose either at least one of the investments 1,2,3, or at least two investments from 2.4.5.6.Game theory is "the study of mathematical methods of conflict and cooperation between intelligent rational decision-makers". Some applications of Game theory include, the study of oligopolies, the study of cartels and the study of military strategies. Address the following with suitable examples. (a)How Nash Equilibrium is achieved under Game Theory. (b)Find Nash Equilibrium in case of first-mover strategy. (c)Give some examples of games with two Nash Equilibriums? (d)Explain the concept of Nash Equilibrium in case of Non-Cooperative Games. (e)How expected Nash Equilibrium would be achieved in case of game with no Nash Equilibrium?You are a consultant to a small size Company engaged in Food Products. The company is interested to expand its business to the Middle East - Dubai. Prepare a business report focusing on the business potential. Also, give advice on the entry mode and external risks if the decision is made to do business in the Middle East.
- Assume Red Eye, a monopolist, faces a market demand curve P= 130-20, and has the short-run total cost function TC= 350 + 100. (a) What is Red Eye's profit-maximizing level of output and price? What are profits? (b) Graph the marginal revenue, marginal cost, and demand curves. (c) (d) What would price and output be if Red Eye priced at socially efficient (competitive) levels? What is the magnitude of the deadweight loss caused by monopoly pricing? MacBook Air DOO esc F1 F2 20 F3 F4 F5 F6 F7 F9 F10 F12 # $ % JAADAG 2 3 4 5 Q W E R T S alt option A Z X command D с F V G 6 B Y & 7 H U N *00 8 J F8 1 ( 9 K M MOSISO O V H O L P command V F11 { [ alt option 10 ] 2 deleteFor the given matrix game, if it is strictly determined, answer parts A through C. If it is not strictly determined, say so. (A) Locate the saddle values. (B) Find optimal strategies for R and C. (C) Find the value of the game. 2 2 2 2 A) Select the correct choice below and, if necessary, fill in the answer box within your choice. A. The saddle value is _______. (Type an integer or a decimal.) B. The matrix game is nonstrictly determined. (B) Select the correct choice below and, if necessary, fill in the answer boxes within your choice. A. The matrix game is strictly determined. For an optimal solution, R can choose row(s) ______ and C can choose column(s) ______. (Type integers or decimals. Use a comma to separate answers as needed.) B. The matrix game is nonstrictly determined. (C) Select the correct choice below and, if necessary, fill in the answer box within your choice. A. The matrix game is strictly…The price p (in dollars) and the quantity x sold of a certain product obey the demand equationp = (-1/6) x + 100(a) Find a model that expresses the revenue R as a function of x. (Remember, R = xp.)(b) What is the domain of R?(c) What is the revenue if 200 units are sold?(d) What quantity x maximizes revenue? What is the maximum revenue?(e) What price should the company charge to maximize revenue?
- (8 points) A taxpayer (of a particular profile) can either comply with the IRS code, orcheat and receive some benefit. The IRS can either audit the taxpayer at a cost or donothing. If the taxpayer cheats and the IRS audits then the tax payer faces penalty (fineplus possibly jail time) and the IRS receives the fine. The payoff matrix:IRSAudit (q) Not Audit (1-q)Cheat (p) -50000, 4000 1000, 0Tax PayerComply (1-p) -500, -300 0, 0Assume the tax payer cheats with probability p and complies with probability 1 − p, andIRS audits with probability q and does not audit with probability 1 − q. Find the mixedstrategy Nash equilibrium. Express probabilities in percentage forms and keep two digitsafter the decimal point, for example p = 2.34%.____ are defined as costs which are incurred regardless of the alternative action chosen in a decision-making problem.Which of the following statements is TRUE? (a) Change in demand and change in quantity demanded are just different names for the same thing. (b) A change in quantity demanded represents a change from one price and quantity demanded to another price and quantity demanded on the same demand relationship. (c) A change in quantity demanded is caused by a change in the price of the good and as such is an entirely endogenous change. (d) A change in demand is caused by a change in an exogenous factor. (e) A change in demand means that quantity demanded will change at every price and the demand curve representing tire demand relationship will shift. (f) A change in quantity demanded can result from a change in supply. (g) A change in demand can result from a change in supply. (h) There is no difference between a change in supply and a change in quantity supplied (i) A change in quantity supplied is caused…
