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Author Question: Tony spends 36 per month on cookies. For him, chocolate chip cookies and peanut butter cookies are ... (Read 83 times)

sam.t96

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on: Jun 29, 2018
Tony spends 36 per month on cookies. For him, chocolate chip cookies and peanut butter cookies are perfect substitutes. Chocolate chip cookies are 4 per dozen and peanut butter cookies are 3 per dozen.
 
  How many dozen of each type of cookie will Tony buy in a given month if he wants to maximize his utility?

Question 2

Define a tit-for-tat strategy.
 
  What will be an ideal response?


jackie

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Tony will by no chocolate chip cookies and 12 dozen peanut butter cookies.

Answer to Question 2

It is a repeated game strategy in which a player responds in kind to an opponent's play.


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