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Social Science Clinic => Economics => Microeconomics => Topic started by: newbem on Jul 1, 2018

Title: If each player in a game uses a strategy that results in a Nash equilibrium outcome, the players are ...
Post by: newbem on Jul 1, 2018

If each player in a game uses a strategy that results in a Nash equilibrium outcome, the players are most likely to say
 
  A) I don't like my choice, because I think I could have done better.
  B) Given the strategies chosen by the other players in the game, I probably could have done better if I had more time.
  C) Given the strategies chosen by the other players in the game, I made the best possible choice.
  D) There was no real strategy on my part, I basically made an educated guess.

Question 2

If demand is given by Q = Ap-b where A and b are positive constants, the absolute value of price elasticity of demand
 
  A) = b.
  B) = A.
  C) = A/b.
  D) depends on the price.

Title: If each player in a game uses a strategy that results in a Nash equilibrium outcome, the players are ...
Post by: CourtneyCNorton on Jul 1, 2018

Answer to Question 1

C

Answer to Question 2

A