Typed plz and Asap thanks The payoff matrix for a two-player normal form game is given below.MNOA1,22,24,2B4,55,11,5C6,32,47,3Denote the probability of playing "M" for Player 1 as p and the probability of playing "B" for Player 2 as q.At which value of q will Player 1 be willing to mix between O and M?Write your answer as a decimal number with 2 decimal places (e.g. 0.05)

A payoff matrix is a table that shows the payoffs of different players in a game, based on the…

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The payoff matrix for a two-player normal form game is given below. A M 1,2 N 2,2 4,2 O B 4,5 5,1 1,5 C 6,3 2,4 7,3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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The payoff matrix for a two-player normal form game is given below.
M
N
O
A
1,2
2,2
4,2
B
4,5
5,1
1,5
C
6,3
2,4
7,3
Denote the probability of playing "M" for Player 1 as p and the probability of playing "B" for Player 2 as q.
At which value of q will Player 1 be willing to mix between O and M?
Write your answer as a decimal number with 2 decimal places (e.g. 0.05)

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Step 2: The value of q at which Player 1 is willing to mix between O & M.

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Step 3: The expected payoff for Player 1 from playing O with probability (1-p) and M with probability p:

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