Construct the Payoff Matrix for the Game, "Rock, Paper, Scissors

question 46

Essay

Construct the payoff matrix for the game, "rock, paper, scissors" for 2 players, A and B. Assume that "paper covers rock", "rock breaks scissors," and "scissors cut paper." If player A wins, assign +1. If player A loses, assign -1.

---

Definitions:

Marginal Revenue (MR)

The revenue derived from selling one additional unit of output.

Marginal Cost

The additional expense associated with manufacturing one extra unit of a product, emphasizing the cost variation.

Marginal Revenue

The additional income that is generated by selling one more unit of a product or service.

Loss Minimization

A strategy in economics and business focused on reducing the losses incurred by a firm or individual to the lowest possible level.