Consider the following payoff matrix for a simultaneous move game.PLAYER 2StrategyLU(10,5)(10,10)PLAYER 1(20,10)(30,5)(30,10)(5,5)What is the order in which the strategies should be eliminated?First Eliminate:Second Eliminate:Third Eliminate:If both players play their strategies according to the dominant strategy solution, what are thepayoffs for each of the players?Player 1:Player 2:

Given Game Dominated strategy which player never wants tp play irrespective what opponent plays.

Answered: Consider the following payoff matrix…

Consider the following payoff matrix for a simultaneous move game. PLAYER 2 Strategy R U (10,5) (10,10) PLAYER 1 (20,10) (30,5) (30,10) (5,5)

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Question

Consider the following payoff matrix for a simultaneous move game.
PLAYER 2
Strategy
L
U
(10,5)
(10,10)
PLAYER 1
(20,10)
(30,5)
(30,10)
(5,5)
What is the order in which the strategies should be eliminated?
First Eliminate:
Second Eliminate:
Third Eliminate:
If both players play their strategies according to the dominant strategy solution, what are the
payoffs for each of the players?
Player 1:
Player 2:

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