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A "properly mixed strategy" means a mixed strategy that does not assign all the probability to one pure strategy. In other words, it is not a pure strategy. Consider a simultaneous move game with the following payoff matrix:
Player 2
L
R
Player 1
A
4, 0
0, 3
B
2.5, 0
C
1, 1
a) Is pure strategy C strictly dominated by any other pure strategy of player 1? If so, write one out. If not, explain.
b) Is pure strategy C strictly dominated by any proper mixed strategy for player 1? If so, write one out. If not, explain.
c) Is pure strategy C a best response to some mixed strategy of player 2? If so, write one out. If not, explain.
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
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Determinants of the price elasticity of demand are explained below: 1. Number of close substitutes present within the market - The more and closer substitutes available in the
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why mrts should convex to origin
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