n people guess an integer between 1 and 100, and the winner is the player whose guess is closest to the mean of the guesses + 1 (ties broken randomly). Which of the following is an equilibrium: a) All announce 1. b) All announce 50. c) All announce 75. d) All announce 100

n people guess an integer between 1 and 100, and the winner is the player whose guess is closest to the mean of the guesses + 1 (ties broken randomly). Which of the following is an equilibrium: a) All announce 1. b) All announce 50. c) All announce 75. d) All announce 100

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 17.2IP

See similar textbooks

Related questions

Q: The U.S. Census Bureau serves as the leading source of quantitative dataabout the nation's people…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: A large consumer goods company ran a television advertisement for one of its soap products. On the…

A: The measure which depicts how likely an event would tend to either happen or not happen is known as…

Q: Suppose N = 15 and r = 4. What is the probability of x = 3 for n = 10 (to 4 decimals)?

A: In the given question, N represents the population size: 15 r represents the number of successes: 4…

Q: For a group of 300 cars the numbers, classified by colour and country of manufacture, are shown in…

A: Probability is defined as the likelihood of the occurrence of an event.

Q: Employees of a local university have been classified according to gender and job type. Gender Job…

A: here we calculate the probability of female salaried staff by using the given data , so the…

Q: et X1, X2, X3, X4 have the joint probability density function f(x1, x2, x3, x4) = ( 24e…

A: Let X1, X2, X3, X4 have the joint probability density function, Let So, Here, So Jacovian…

Q: In a Godiva shop, 40% of the cookies are plain truffles, 20% are black truffles, 10% are cherry…

A: Probability is a measure of the likelihood that a state of nature will occur. It can be objective or…

Q: A deck of 52 playing cards consists of 4 suites: clubs, spades, hearts, and diamonds. Each suite…

A: Given that the total number of cards are 52. There are 4 suits. Each suit had 13 cards.

Q: When a pair of dice is tossed, the results may be any whole number from 2 through 12. In the game of…

A: Probability is a measure of the likelihood that a state of nature will occur. It can be objective or…

Q: Let X and Y be two random variables. Assume that E(Y|X) = E(Y) and Var(Y|X) = 3X². Does this imply…

A: Basics:- Dependent variables are those where one's value is depended on the other's value.For…

Q: Four apples and four oranges are distributed between two boxes in such a way that each of them has…

A: Given Data: n(apples)=4 n(oranges)=4 Xn is the number of apples in the first box

Q: For a group of 300 cars the numbers, classified by color and country of manufacture, are shown in…

A: Probability: It is a tool used for studying randomness.

Q: Suppose x is a normally distributed random variable with u = 50 and o = 3. Find a value of the…

Q: A statistics professor plans classes so carefully that the lengths of her classes are uniformly…

A: The provided information are: Maximum value (b) = 59 Minimum value (a) = 49 Consider X be the random…

Q: What do we call the probability of a Type I error?

A: While performing a test significance hypothesis, an individual should take care of the results…

Q: Example is given: A petrol pump is supplied with petrol once a day. If its daily volume of sales (X)…

Q: Suppose Eman has an 85% chance of passing each time he takes a quiz. What is the probability that he…

A: Probability of passing an exam = 85% Probability of failing the exam = 100 - 85 = 15%

Q: Suppose that the First United Bank of America has two loans. Each is due to be repaid one period…

A: Credit enhancement is a method for strengthening a company's credit risk profile, generally in order…

Q: 18. Arrows An Olympic archer is able to hit the bull's-eye 80% of the time. Assume each shot is…

A: The term “probability” is defined as the measure of the likelihood that a state of nature will…

Q: Suppose we are interested in the relationship between an individual's brown hair and skin color.…

A: Given table is:

Q: The probability that the next President will be a Democrat is 0.5, and the probability that the next…

A: Given that, The probability that the next President will be a Democrat is 0.5, and the probability…

Q: Question 2: Find the probability of getting a number less than 5 when a dice is rolled by using the…

Q: b) For a group of 300 cars the numbers, classified by colour and country of manufacture, are shown…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Assume the likelihood that any flight on Delta Airlines arrives within 15 minutes of the scheduled…

Q: A class consists of 17 women and 65 men. If a student is randomly selected, what is the probability…

A: Total women=17Total men=65Total students=17+65=82

Q: Halsen, a marketing manager at Business X, has determined four possible strategies (X1, X2, X3, and…

A: Maximax is a strategy also known as aggressive or optimistic strategy, where a decision made by…

Q: You work at a mechanic shop. 40% of cars that come in have a flat tire. If there are 5 cars in the…

A: Two events in the sample space would result in the binomial distribution. The two events would…

Q: Asline Computers manufactures personal computers at two plants, one in Texas and the other in Hawal,…

A: Definition: Probability implies risk. it's a vicinity of science that arrangements with the event of…

Q: The probabilities of X, Y and Z becoming managers are 4/9, 2/9 and 1/3 respectively. The…

Q: ABC Store's data of the past 500 days shows that the online daily sales of a cooking pot of a…

A: According to the given question we will do it as follows so the formula for the given above question…

Q: Your production line has an automatic scanner to detect defects. In recent production, 2% of items…

A: Probability: It is a mathematical tool that is used to study randomness.

Q: A manufacturer of cotter pins knows that 5% of his product is defective. If he sells cotter pins in…

Q: The following table shows the number of students at a college who were offered teaching positio…

A: Given: The formula to compute the probability is: Probability=Number of favorable outcomesTotal…

Q: Two coins are tossed 500 times, and we get: i) Two heads: 105 times ii) One head: 275 times iii)…

A: When we toss a coin the outcome would be either head or tail.

Q: If the joint probability is given by: x + y f(x, y) = 30 for a = 0, 1,2, 3; y = 0, 1,2, find P(X +…

A: Given: Joint probability is given by: x + y f(x, y) = 30 or (x+y)/30= f(x, y) for a = 0, 1,2, 3; y…

Q: On Monday's there are eight classes taught in the business building. The probability that any of…

Q: A mutual fund company has 6 funds that invest in the U.S. market and 4 that invest in international…

A: It is given that : Company has 6 funds to be invested in US. Company has 4 funds to be invested in…

Q: both male and undergraduates. What is the probability that a randomly selected student is either…

A: Given: PMale=57%=0.57PUndergraduates=64%=0.64PMale and Undergraduate=40%=0.40

Q: The odds against Manager X settling the wage dispute with the workers are 8:6 and odds in favour of…

Q: 5.100 Tossing a die. You are tossing a balanced die that has probability 1/6 of coming up 1 on each…

A: The probability of coming up 1 on each toss is (probability of success), p=1/6 The number of tosses…

Q: For a group of 300 cars the numbers, classified by color and country of manufacture, are shown in…

A: Probability: It deals with the chance of an event occurring.

Q: According to a 2017 Wired magazine article, 40% of e-mails that are received are tracked using…

A: Let's consider the variable X the number of emails tracked, with a binomial distribution, a…

Q: A car dealer has established that 40% of his potential customers prefer single cab cars while 60%…

Q: A factory production process produces a small number of defective parts in its daily production. Is…

A: The quantities derived in a random experiment are called as random variables.

Q: Early in August an undergraduate college discovers that it can accommodate a few extra students.…

A: The binomial distribution is used when there are only two outcomes and the probability of success is…

Q: QUESTION 4 The average number of miles driven each day by a group of drivers is 20.7 miles with a…

A: Given: Population meanμ=20.7Population standard deviationσ=6.5Sample size(n)=50

Q: You work at a mechanic shop. On average, 10 cars come into your shop each day. Assuming a poisson…

A: Poisson Distribution: Where e = Euler's constant = 2.71828 λ = mean number of occurrences in the…

Question

n people guess an integer between 1 and 100, and the winner is the player whose guess is closest to the mean of the guesses + 1 (ties broken randomly). Which of the following is an equilibrium:

a) All announce 1.

b) All announce 50.

c) All announce 75.

d) All announce 100

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If Firm 1 chooses to release the console in October with probability of 0.692 or December with a probability of 0.308, then Firm 2 is indifferent between choosing a release date. If Firm 2 released the console in October with probability of 0.50 or December with a probability of 0.50, then Firm 1 is indifferent between choosing a release date Suppose now that instead of choosing the release date at the same time, the firms choose sequentially (but still in advance). Firm A chooses its release date first, then firm B observes that date and chooses its own date. Thepayoffs are otherwise the same as above. Represent the game tree corresponding to this dynamic game.
Two coins are tossed 500 times, and we get: i) Two heads: 105 times ii) One head: 275 times iii) No head: 120 times Find the probability of each event
Suppose we are again given 20 tulip bulbs that are very similar in appearance. Information on this new set of tulips is summarized below: Early (E) Late (L) Totals Red (R) Yellow (Y) Totals 5 5 10 5 5 10 10 10 20 What is P(Y)? (Enter the probability with two decimal places)
David Barnes and his fiancée Valerie Shah are visiting Hawaii. At the Hawaiian Cultural Center in Honolulu, they are told that 2 out of a group of 8 people will be randomly picked for a free lesson of a Tahitian dance a. What is the probability that both David and Valerie get picked for the Tahitian dance lesson? (round 4 decimal places) b. What is the probability that Valerie gets picked before David for the Tahitian dance lesson? (round 4 decimal places)
2.4 The opening 2018 World Cup odds against being the winning team specified by espn.com were 9/2 for Germany, 5/1 for Brazil, 11/2 for France, 20/1 for England, and 7/1 for Spain. Find the corresponding prior probabilities of winning for these five teams.
You work at a mechanic shop. 40% of cars that come in have a flat tire. If there are 5 cars in the shop, what is the probability that 3 have a flat tire? Round to three decimal points.
Question 2: Find the probability of getting a number less than 5 when a dice is rolled by using the probability formula.
5.100 Tossing a die. You are tossing a balanced die that has probability 1/6 of coming up 1 on each toss. Tosses are independent. We are interested in how long we must wait to get the first 1. (a) The probability of a 1 on the first toss is 1/6. What is the probability that the first toss is not a 1 and the second toss is a 1? (b) What is the probability that the first two tosses are not 1s and the third toss is a 1? This is the probability that the first 1 occurs on the third toss. 4 (c) Now you see the pattern. What is the probability that the first 1 occurs on the fourth toss? On the fifth toss?
Which of the following is not a continuous random variable: O The delivery time for a randomly chosen Amazon delivery O The number of whole pizzas cooked by a restaurant in a day O The weight of a randomly chosen car O The height of a randomly chosen student
The injured football player Bad news everyone! There is 1 second left in the game, and Tom Brady has injured himself. The matrices below depict the relative probabilities of winning givenan offensive and a defensive play call. (The row player is the New England Patriots and the column player is the opponent.) How much has the all star's home team probability of winning decreased due to the injury? Pass uny Patriots D Pass .4, .6 D Run .9,.1 .8,.2 .5,.5 Pass Run Opponent D Pass D Run .06, .94 .32, .68 .8,.2 .5,.5
Suppose Eman has an 85% chance of passing each time he takes a quiz. What is the probability that he passes on the first three quizzes but not on the fourth?
A lottery has a grand prize of $1,000,000, 2 runner-up prizes of $100,000 each, 6 third-place prizes of $10,000 each, and 19 consolation prizes of $1,000 each. If a 4 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket. (Round your answer to 2 decimal places.