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Author Question: A Nash equilibrium occurs when both parties to a game end up worse off as a result of the decisions ... (Read 97 times)

sammy

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on: Jun 29, 2018
A Nash equilibrium occurs when both parties to a game end up worse off as a result of the decisions that are made. Is the previous definition of a Nash equilibrium correct or incorrect?
 
  What will be an ideal response?

Question 2

The price of one good changes and Sue is now at a point on her indifference curve where the marginal rate of substitution exceeds the relative price. Sue will now choose to buy ________ of the good that is measured on the ________.
 
  A) more; x-axis
  B) more; y-axis
  C) the same quantity; x-axis
  D) less; x-axis


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matt95

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

The definition is incorrect. A Nash equilibrium is an equilibrium in which each player takes the best possible action given the action of the other player.

Answer to Question 2

A


sammy

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Sarahjh

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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