Write out the payoff matrix for game

Assignment Help Microeconomics

Reference no: EM13162204

1. In the model of a dominant firm, assume that the fringe supply curve is given by Q= -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11-P.

2. A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with -1. If both bid the same amount, the $100 is split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for his game, and then find its Nash equilibrium.

Reference no: EM13162204

Questions Cloud

How many grams of formic acid, hcooh must be added : How many grams of formic acid, HCOOH, must be added to 0.100 L of 0.130 M sodium formate, HCOONa, to yield a buffer solution with a pH of 4.40? Assume no volume change. Ka of HCOOH = 5.0 10-4.

Explain what is the theorectical yield of disulfure chloride : what is the theorectical yield of disulfure chloride? what mass of the excess reactant reamains when the reaction is completed?

How much can the bleach be diluted : The background section describes why you want the bleach to be far in excess of the dye. State how much greater the bleach should be to be considered in large excess. If the due is 1 x 10-5 M how much can the bleach be diluted before you no longer..

Create conflicts of interest : Analyze at least three health care practices that create conflicts of interest. For example, physician samples from drug representatives. What solutions would you propose to eliminate these conflicts?

Write out the payoff matrix for game : In the model of a dominant firm, assume that the fringe supply curve is given by Q= -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11-P.

How would they allocate workers to the two sectors : Suppose the two countries are not trading and that both desire to have equal numbers of feet of timber and baskets of fruit. How would they allocate workers to the two sectors?

What is the mole fraction of the non-volatile solute : The vapor pressure of pure acetone (propanone) is 266 torr. When a non-volatile solute is added, the vapor pressure of acetone above the solution falls to 232 torr. What is the mole fraction of the non-volatile solute in the solution?

Nominal exchange rate between the two countries : What is the nominal exchange rate between the two countries and consumers become permanently more concerned about the future and decide to consume a smaller portion of their income.

Type of measure of disease frequency : Type of measure of disease frequency best describes each of the following scenarios? Percent of men found to have high blood pressure at their yearly physical. Number of liveborn babies who die of sudden infant death syndrome during the first year o..

User Account

All Pages