Examlex
If an activity whose normal duration is 15 days can be shortened to 10 days for an added cost of $2,000,what is the crash cost per period?
Pure Strategies
In game theory, a pure strategy is an action chosen by a player where they select a specific move to follow in every possible situation within a game.
Dominant Strategy
A strategy in game theory that yields the best outcome for a player, regardless of what the other players do.
Payoff
The gain or loss that an investor or a player in a game receives as a result of a particular action or decision.
Nash Equilibrium
A concept in game theory where no player can benefit by changing their strategy if the strategies of the other players remain unchanged.
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