Consider the Following Two-Person Zero-Sum Game Is There an Optimal Pure Strategy for This Game? If

question 52

Essay

Consider the following two-person zero-sum game.Assume the two players have the same three strategy options.The payoff table shows the gains for Player A. $$\begin{array}{l}\begin{array} { | c | c c c c | } &&\text { Player B }\\\\{ \text { Plaver A} } & \text { Strategy } b _ { 1 } & \text { Strategy } b _ { 2 } & \text { Strategy } b _ { 3 } \\\hline \text { Strategy } a _ { 1 } & 6 & 5 & - 2 \\\text { Strategy } a _ { 2 } & 1 & 0 & 3 \\\text { Strategy } a _ { 3 } & 3 & 4 & - 3 \\\hline\end{array}\end{array}$$ Is there an optimal pure strategy for this game? If so,what is it? If not,can the mixed-strategy probabilities be found algebraically?

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Definitions:

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Total Revenue

The total amount of money earned by a firm from the sale of its products or services before any costs or expenses are subtracted.

Elastic

A characteristic of a good or service with demand or supply that is responsive to changes in price, typically resulting in significant quantity changes when prices vary.

Inelastic

Describes a situation in which the demand for a good or service is relatively unresponsive to changes in price.