EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Question
Chapter 4, Problem 4.6P
a
To determine
To find:Possible outcomes of each strategy and its probabilities.
b)
To determine
To plot:A graphical representation to show utility under each strategy.
c)
To determine
To ascertain: Whether utility be improved further by taking more than two trips or not.
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4.6.
A person purchases a dozen eggs and must take them
home. Although making trips home is costless, there is
a 50 percent chance that all of the eggs carried on one
trip will be broken during the trip. This person con-
siders two strategies:
Strategy 1: Take the dozen eggs in one trip.
Strategy 2: Make two trips, taking six eggs in each trip.
a. List the possible outcomes of each strategy and the
probabilities of these outcomes. Show that, on aver-
age, six eggs make it home under either strategy.
b. Develop a graph to show the utility obtainable
under each strategy.
c. Could utility be improved further by taking more
than two trips? How would the desirability of this
possibility be affected if additional trips were costly?
Ann and Stella want to watch a movie together this weekend. There are 8 movies
playing in theatres on Saturday, and 11 movies playing in theatres on Sunday. Ann
first chooses a day - either Saturday or Sunday. Then, knowing the day that Ann
picked, Stella chooses one movie from those playing in theatres on that day.
How many pure strategies does Stella have?
For the following questions consider this setting.
The deciding shot in a soccer game comes down to a penalty shot. If the goal-keeper jumps in one corner and the striker shots the ball in the other, then it is a goal. If the goalie jumps left and the striker shoots left, then it is a goal with probability 1/3. If the goalie jumps right and the striker shots right, it is goal with probability 2/3.
Say the goalie's strategy is to jump left with probability 1 and the striker shoots left with probability 0.5, then the probability of a goal is (round to two digits)
If the striker shoots in either corner with probability 0.5 and the goalie likewise shoots in either corner with probability 0.5, then the probability of a goal is (round to 2 digits)
Chapter 4 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 4.1 - Prob. 1MQCh. 4.1 - Prob. 2MQCh. 4.1 - Prob. 3MQCh. 4.2 - Prob. 1TTACh. 4.2 - Prob. 2TTACh. 4.2 - Prob. 1MQCh. 4.3 - Prob. 1TTACh. 4.3 - Prob. 2TTACh. 4.3 - Prob. 1MQCh. 4.3 - Prob. 2MQ
Ch. 4.3 - Prob. 3MQCh. 4.3 - Prob. 1.1TTACh. 4.3 - Prob. 1.2TTACh. 4.3 - Prob. 2.1TTACh. 4.3 - Prob. 2.2TTACh. 4.3 - Prob. 1.1MQCh. 4.3 - Prob. 2.1MQCh. 4.3 - Prob. 3.1MQCh. 4.4 - Prob. 1TTACh. 4.4 - Prob. 2TTACh. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - Prob. 10RQCh. 4 - Prob. 4.1PCh. 4 - Prob. 4.2PCh. 4 - Prob. 4.3PCh. 4 - Prob. 4.4PCh. 4 - Prob. 4.5PCh. 4 - Prob. 4.6PCh. 4 - Prob. 4.7PCh. 4 - Prob. 4.8PCh. 4 - Prob. 4.9PCh. 4 - Prob. 4.10P
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