Author Question: If an adult plays tic-tac-toe with another adult typically the result is that neither player wins. ... (Read 20 times)

altibaby · **on:** Jun 29, 2018

If an adult plays tic-tac-toe with another adult typically the result is that neither player wins. However, when adults play small children they are usually successful in beating them.

How is it that there could be Nash equilibrium in the first case and not the second?

Question 2

Refer to Figure 5-4. What is the deadweight loss from producing at the market equilibrium?

A) area D B) area E C) area C D) area F

AmberC1996 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

Even though the solution is known to one player it is not known to all players in the case where an adult is playing a child.

Answer to Question 2

B