The following payoff matrix represents a simultaneous-move game between two players: John and Trevor. Each player has to choices: Black or White. The first number in each cell is the payoff to John, and the second number is the payoff to Trevor. Trevor Black White Black 15, 15 10, 10 John White 12, 10 13, 15 Refer to the table above. Which statement is true? a. Neither John nor Trevor have a dominant strategy in this game. O b. Only Trevor has a dominant strategy in this game. c. Only John has a dominant strategy in this game.

Consider the two-player game depicted below w А 1,5 2,2 0,4 3,11 В 13,0 4,1 2,5 4,2 с 1,3 2,6 5,2 2,0] a. What is Player 2's best response if Player 1 plays B? b. What is Player l's best response if Player 2 plays z? c. What are the pure strategy Nash Equilibria? సా

7. Solving for dominant strategies and the Nash equilibrium Suppose Carlos and Deborah are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Carlos chooses Right and Deborah chooses Right, Carlos will receive a payoff of 5 and Deborah will receive a payoff of 1. Carlos Deborah Left Left 4,4 Right 2,4 Right 6,7 5,1 The only dominant strategy in this game is for to choose The outcome reflecting the unique Nash equilibrium in this game is as follows: Carlos chooses and Deborah chooses

6.

Refer to the following payoff table: Firm A's Advertising Budget Multiple Choice Low O Medium High Firm A High Firm A High A Firm B Medium D G Low $900, $900 $1,000 $800 Firm B's Advertising Budget Medium B E H $820, $1,220 $950, $1,025 $875, $920 $800, $875 After the first round of elimination, are there any dominant strategies? If so, which one(s)? C Neither firm has a dominant strategy after the first round. F High $1,060, $1,100 $1,040, $1,000 $1,025, $1,175

in this game table, Pepsi's payout is on the left and Sam's Choice's is on the ight. Is the Nash equilibrium a prisoner's dilemma? Pepsi High Low Sam's Choice High 110, 20 60, 10 Low 80, 40 70, 30 O No, it is not because both firms played their dominant strategies. O Yes, it is because the combined payoff for the two firms is lower than another outcome. O Yes, it is because at least one of the firms ends up with the lowest possible payoff. O No, it is not because at least one firm has achieved its highest possible payoff.

Little Kona is a small coffee company that is considering entering a market dominated by Big Brew. Each company's profit depends on whether Little Kona enters and whether Big Brew sets a high price or a low price: Little Kona True True or False: Only Little Kona has a dominant strategy in this game. False Big Brew High Price Low Price Enter $2 million, $3 million $2 million, $1 million Don't Enter 50, 58 million $0, $3 million Which of the following outcomes represent a Nash equilibrium in this case? Check all that apply. Big Brew maintains a high price and Little Kona does not enter. Big Brew maintains a low price and Little Kona does not enter. Big Brew maintains a high price and Little Kona enters. Big Brew maintains a low price and Little Kona enters. Big Brew threatens Little Kona by saying, "If you enter, we're going to set a low price, so you had better stay out." Thin True or False: Little Kona should believe the threat.

Table 8. This table shows a game played between two players, A and B. The payoffs are given in the table as (Payoff to A, Payoff to B). A Select one: Up Middle Down Left (4,2) a. Middle-Center O b. Down-Center (3, 1) (1,3) B Center (2,5) (5, 3) (4,4) Refer to Table 8. This table shows a game played between two players, A and B. The payoffs in the table are shown as (Payoff to A, Payoff to B). Which of the following outcomes represents a Nash equilibrium in the game? Right (3, 3) (5,2) (6, 1) O c. Up-Left O d. More than one of the above is a Nash equilibrium in this game.

Consider the following 2-player normal form game. Player 2 Bananas Orange Player 1 Grapes 11, 3 8, 2 Apple 9, 7 6, 5 Player 1's dominant strategy is [Select ] and Player 2's dominant strategy is [ Select ) The Nash Equilibrium of this game is ( Select ) (select all that apply).

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