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whipped whipped
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Bill and Tom are playing a game. At each round of the game, they have to choose either Strategy X or Strategy Y. However, Tom can make a decision only after Bill has made his decision. If they both choose X, each gains $100 and if both of them choose Y, each gains $50. However, if Bill chooses X and Tom chooses Y, Bill gains $60 while Tom gains $140. Similarly, when Bill chooses Y while Tom chooses X, Tom gains $60 and Bill gains $140.
a)   Draw a game tree to represent this game.
b)   What is the type of game being played here? What is the procedure used to solve such a game?
c)   What is Tom's optimal strategy if Bill chooses Strategy X?
d)   What is Bill's payoff in equilibrium?
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Microeconomics

Microeconomics


Edition: 1st
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SudzburySudzbury
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whipped Author
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6 years ago
Thanks
mikeh209
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Smart ... Thanks!
annakc
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Thanks for your help!!
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