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Assignment - Managerial Economics Questions
Q1. To Vote or Not to Vote - Mr. and Mrs. Ward typically vote oppositely in elections and so their votes "cancel each other out." They each gain two units of utility from a vote for their positions (and lose two units of utility from a vote against their positions). However, the bother of actually voting costs each one unit of utility. Diagram a game in which they choose whether to vote or not to vote.
Answer - The condition in which the Mr. Ward and the Mrs. Ward to understand the matrix of the to vote and Not to vote for both the parties. Thus, will lead to collaborate and understand the square matrix as well as the equation on account with how the Nash Equilibrium is established as well as the utility segments.
The following table shows the decision-making process:
|
Mrs. Ward
|
To Vote
|
Not to Vote
|
|
Mr. Ward
|
|
To Vote
|
(-1, -1) Nash Equilibrium
|
(2, -2)
|
|
Not to Vote
|
(-2, 2)
|
(0, 0)
|
(Samuelson, 2016)
Thus, this decisions process explains all the elements which being the Nash Equilibrium , Utility Equilibrium. Thus it explains in a pictorial format as to how the vote out and the not vote will help each other.
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Q2. Compatibility - Microsoft and a smaller rival often have to select from one of two competing technologies. The rival always prefers to select the same technology as Microsoft (because compatibility is important), while Microsoft always wants to select a different technology from its rival. Describe the equilibrium of this game.
Answer - In this problem situation it is evident that the Microsoft company and its rival have always seen choosing from its two competing technology. In order to achieve a formula where both chooses different technology following analysis can be done Pay off Matrix is defined which deals with following table:-
Smaller Rival Option can be done by ensuring that the first payoff is of the Microsoft and the second is provided to the rivals hence, an no pure strategy for the Nash equilibrium can be achieved:-
|
|
Strategy A
|
Strategy B
|
|
Strategy A
|
(0, 1)
|
(1, 0)
|
|
Strategy B
|
(1, 0)
|
(0, 1)
|
(Samuelson, 2016)
0 denotes to Microsoft and the 1 denotes to Small Rivals.
So by using the underlining method we can conclude that this situation has no pure strategy nash equilibrium.
3. Salary Negotiation - Assuming this is a sequential-move game with the employer moving first, indicate the most likely outcome. Does the ability to move first give the employer an advantage? If so, how? As the employee, is there anything you could do to realize a higher payoff?
Answer - The outcome in case the employer takes the first moves
Result = Employer offers low salary, Employee accepts.
Nash equilibrium case will occur on account of the employer as he made the first move.
In a situation where both the employee as well as the employer is given an high as well as low salary option the condition of Nash Equilibrium can be achieved any situations.
To understand the best possible condition and the situation is where and average condition is achieved so that there is neither to highs nor too many losses.
Hence forth , on all practical perspective employee in all cases must accept the offer as both high and low and give the salary to a mark of 75, which being the highest payoff available in such condition (Samuelson, 2016).
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