2. Consider the odds and evens game and whose payoff table is shown as below.Player 2 (odd player)2 (fingers)StrategyPlayer 1(even player)1 (finger)2 (fingers)1 (finger)3-4−43(a) Use the graphical procedure described in Sec. 15.4 from the viewpoint of player 1(the evens player) to,first find the maximin point, then determine the optimal mixed strategy for player 1 (the even player)according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.)(b) Use the Oddments Method directly to find the optimal mixed strategies for both player 1 and player 2.(c) What is the corresponding value of the game?

A saddle point is an optimal solution to the game because neither player can improve their…

Answered: Strategy Player 1 (even player) 1…

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Strategy Player 1 (even player) 1 (finger) 2 (fingers) 1 (finger) Player 2 (odd player) 2 (fingers) 3 -4 -4 3

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

2. Consider the odds and evens game and whose payoff table is shown as below.
Player 2 (odd player)
2 (fingers)
Strategy
Player 1
(even player)
1 (finger)
2 (fingers)
1 (finger)
3
-4
−4
3
(a) Use the graphical procedure described in Sec. 15.4 from the viewpoint of player 1(the evens player) to,
first find the maximin point, then determine the optimal mixed strategy for player 1 (the even player)
according to the minimax criterion. (Do not need to find the optimal mixed strategy for player 2.)
(b) Use the Oddments Method directly to find the optimal mixed strategies for both player 1 and player 2.
(c) What is the corresponding value of the game?

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Figure B Boeing (B) High Price A: $50 B: - $10 Low Price Low A: $5 Price Airbus (A) High Price B: $4 A: - $10 B: $40 A: $40 B: $30 [MUST SHOW ROUGH WORK] Figure B shows the payoffs in terms of economic profits for Airbus and Boeing in billions of dollars. Each company has two strategies: (1) charge a low price or (2) charge a high price. In a Nash equilibrium, what are the economic profits of Boeing? Select one: A. - $10 billion O B. $40 billion C. $4 billion D. $5 billion O E. $30 billion