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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.
List and describe the determinants of the price elasticity of demand and of supply.
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Income and Substitution Effects A fall in price of a good has the two effects: Substitution & Income -Substitution Effect Consumers will tend to buy more of the good
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why does gap between the ATC curve and the AVC curve decreases as the level of output increases
Laspeyres index The Laspeyres index tells us that: - The amount of money at present year prices which an individual requires to purchase bundle of goods and services which w
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