Finite Mathematics (11th Edition)
11th Edition
ISBN: 9780321979438
Author: Margaret L. Lial, Raymond N. Greenwell, Nathan P. Ritchey
Publisher: PEARSON
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Chapter 11.2, Problem 30E
To determine
The optimum strategies of the game and value of the game.
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Allied Corp. decides to launch its new product with a big television and radio advertising campaign. At the same time, Allied's major competitor, Bates, Inc, also has decided to launch a big
advertising campaign for a similar product. The payoff matrix shows the increased sales (in millions) for Allied, as well as the decreased sales for Bates
Bates
T.V.
Radio
20 -0.7
-0.5 -0.5
Find the optimum strategy for Allied Corp. and the value of the game.
Allied
T.V.
Radio
The optimum strategy for Alled Corp is
(Type integers or decimals)
The value of the game is
(Type an integer or a decimal)
For the situation, identify the two players and their possible choices, and construct a payoff matrix for their conflict.
Andersonville has two gas stations, Ralph's Qwik-Serv and Charlie's Gas-n-Go. Both Ralph and Charlie are considering raising prices by 1¢, staying with their
current prices, or lowering prices by 1¢. If they both make the same choice, there will be no change in their market shares, but if they make different
choices, the one with the lower price will gain 6% of the market for each penny difference in their prices.
Charlie
R
R
%
-4
X %
-8
X %
Ralph {s
4
X %
%
-4
X %
8
X %
4
X %
What does R represent?
For the situation, identify the two players and their possible choices, and construct a payoff matrix for their conflict.
In an attempt to gain more viewers, Channel 86 and Channel 7 are each trying to decide whether to schedule a quiz show or a reality series in their 8:00 prime time slot. Market research indicates that if Channel 86 chooses a quiz show, it will gain 5% of the market if Channel 7 runs a quiz show and lose 8% if Channel 7 runs a reality series, while if Channel 86 chooses a reality series, it will gain 9% if Channel 7 runs a quiz show and lose 9% if Channel 7 runs a reality series. [Hint: Use Q and R for quiz show and reality series.]
Channel 7
Q R
Channel 86
Q
R
%
%
%
%
Chapter 11 Solutions
Finite Mathematics (11th Edition)
Ch. 11.1 - In the following game, decide on the payoff when...Ch. 11.1 - Prob. 2ECh. 11.1 - Prob. 3ECh. 11.1 - In the following game, decide on the payoff when...Ch. 11.1 - Prob. 5ECh. 11.1 - Prob. 6ECh. 11.1 - Prob. 7ECh. 11.1 - Does it have a saddle point?Ch. 11.1 - Prob. 9ECh. 11.1 - Prob. 10E
Ch. 11.1 - Prob. 11ECh. 11.1 - Prob. 12ECh. 11.1 - Prob. 13ECh. 11.1 - Prob. 14ECh. 11.1 - Prob. 15ECh. 11.1 - Prob. 16ECh. 11.1 - Prob. 17ECh. 11.1 - Prob. 18ECh. 11.1 - Prob. 19ECh. 11.1 - Prob. 20ECh. 11.1 - Prob. 21ECh. 11.1 - Prob. 22ECh. 11.1 - Prob. 23ECh. 11.1 - Prob. 24ECh. 11.1 - Prob. 25ECh. 11.1 - Prob. 26ECh. 11.1 - Prob. 27ECh. 11.1 - Prob. 28ECh. 11.1 - Prob. 29ECh. 11.1 - Prob. 30ECh. 11.1 - Prob. 31ECh. 11.1 - Prob. 32ECh. 11.1 - Prob. 33ECh. 11.1 - Prob. 34ECh. 11.1 - Prob. 35ECh. 11.1 - Prob. 36ECh. 11.1 - Prob. 37ECh. 11.1 - APPLY IT Football When a football team has the...Ch. 11.1 - Prob. 39ECh. 11.1 - Prob. 40ECh. 11.1 - Children's Game In the children's game rock,...Ch. 11.2 - Suppose a game has payoff matrix [ 3452 ]. Suppose...Ch. 11.2 - Suppose a game has payoff matrix [ 041324110 ]....Ch. 11.2 - Find the optimum strategies for player A and...Ch. 11.2 - Find the optimum strategies for player A and...Ch. 11.2 - Prob. 5ECh. 11.2 - Prob. 6ECh. 11.2 - Prob. 7ECh. 11.2 - Prob. 8ECh. 11.2 - Prob. 9ECh. 11.2 - Prob. 10ECh. 11.2 - Prob. 11ECh. 11.2 - Prob. 12ECh. 11.2 - Prob. 13ECh. 11.2 - Prob. 14ECh. 11.2 - Prob. 15ECh. 11.2 - Prob. 16ECh. 11.2 - Prob. 17ECh. 11.2 - Prob. 18ECh. 11.2 - Prob. 19ECh. 11.2 - Prob. 20ECh. 11.2 - Prob. 21ECh. 11.2 - Prob. 22ECh. 11.2 - Prob. 23ECh. 11.2 - Prob. 24ECh. 11.2 - Prob. 25ECh. 11.2 - Prob. 26ECh. 11.2 - Prob. 27ECh. 11.2 - Prob. 28ECh. 11.2 - A reader wrote to the "Ask Marilyn" column in...Ch. 11.2 - Prob. 30ECh. 11.2 - Prob. 31ECh. 11.2 - Prob. 32ECh. 11.2 - Prob. 33ECh. 11.2 - Choosing Medication The number of cases of African...Ch. 11.2 - Prob. 35ECh. 11.2 - Prob. 36ECh. 11.2 - 37. Golf In a simplified variation of the Ryder...Ch. 11.2 - Prob. 38ECh. 11.2 - Prob. 39ECh. 11.2 - Prob. 40ECh. 11.2 - Finger Game Repeal Exercise 40 if each player may...Ch. 11.3 - Use the graphical method to find the optimum...Ch. 11.3 - Prob. 2ECh. 11.3 - Use the graphical method to find the optimum...Ch. 11.3 - Prob. 4ECh. 11.3 - Prob. 5ECh. 11.3 - Prob. 6ECh. 11.3 - Prob. 7ECh. 11.3 - Prob. 8ECh. 11.3 - Prob. 9ECh. 11.3 - Use the simplex method to find the optimum...Ch. 11.3 - Prob. 11ECh. 11.3 - Prob. 12ECh. 11.3 - Prob. 13ECh. 11.3 - Prob. 14ECh. 11.3 - Prob. 15ECh. 11.3 - In Exercises 1327, use the graphical method when...Ch. 11.3 - Prob. 17ECh. 11.3 - Prob. 18ECh. 11.3 - Prob. 19ECh. 11.3 - Prob. 20ECh. 11.3 - Prob. 21ECh. 11.3 - Prob. 22ECh. 11.3 - Prob. 23ECh. 11.3 - In Exercises 1327, use the graphical method when...Ch. 11.3 - In Exercises 13–27, use the graphical method when...Ch. 11.3 - Prob. 26ECh. 11.3 - Prob. 27ECh. 11 - 1. Since they like to eat out, each prefers a...Ch. 11 - If Linda likes French food more than Mel likes...Ch. 11 - Prob. 3EACh. 11 - 4. Suppose Linda knows that Mel is going to stick...Ch. 11 - Prob. 5EACh. 11 - Prob. 6EACh. 11 - Prob. 1RECh. 11 - Prob. 2RECh. 11 - Prob. 3RECh. 11 - Prob. 4RECh. 11 - Prob. 5RECh. 11 - Prob. 6RECh. 11 - Prob. 7RECh. 11 - Prob. 8RECh. 11 - Prob. 9RECh. 11 - Prob. 10RECh. 11 - 11. How can you determine from the payoff matrix...Ch. 11 - Prob. 12RECh. 11 - Prob. 13RECh. 11 - Prob. 14RECh. 11 - Prob. 15RECh. 11 - Prob. 16RECh. 11 - Prob. 17RECh. 11 - Prob. 18RECh. 11 - Prob. 19RECh. 11 - Prob. 20RECh. 11 - Prob. 21RECh. 11 - Prob. 22RECh. 11 - Prob. 23RECh. 11 - Prob. 24RECh. 11 - Prob. 25RECh. 11 - For the following games, find the strategies...Ch. 11 - Prob. 27RECh. 11 - For the following games, find the strategies...Ch. 11 - Prob. 29RECh. 11 - Prob. 30RECh. 11 - Prob. 31RECh. 11 - Prob. 32RECh. 11 - Prob. 33RECh. 11 - Prob. 34RECh. 11 - Prob. 35RECh. 11 - For each game, remove any dominated strategies,...Ch. 11 - Prob. 37RECh. 11 - Prob. 38RECh. 11 - Prob. 39RECh. 11 - Prob. 40RECh. 11 - Prob. 41RECh. 11 - Prob. 42RECh. 11 - Prob. 43RECh. 11 - Prob. 44RECh. 11 - Prob. 45RECh. 11 - Prob. 46RECh. 11 - Labor Relations In labor-management relations,...Ch. 11 - Prob. 48RECh. 11 - Prob. 49RECh. 11 - Prob. 50RECh. 11 - Prob. 51RECh. 11 - Prob. 52RECh. 11 - Prob. 53RECh. 11 - Prob. 54RECh. 11 - Politics Mary Wilkinson, a candidate for city...Ch. 11 - Prob. 56RECh. 11 - Prob. 57RECh. 11 - Prob. 58RECh. 11 - Prob. 59RECh. 11 - Prob. 60RECh. 11 - Prob. 61RECh. 11 - Prob. 62RECh. 11 - Prob. 63RECh. 11 - Newcomb's Paradox Suppose there are two boxes, A...
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- What is the row-echelon form of a matrix? What is a leading entry?arrow_forwardFor the situation, identify the two players and their possible choices, and construct a payoff matrix for their conflict. Andersonville has two gas stations, Ralph's Qwik-Serv and Charlie's Gas-n-Go. Both Ralph and Charlie are considering raising prices by 1¢, staying with their current prices, or lowering prices by 1¢. If they both make the same choice, there will be no change in their market shares, but if they make different choices, the one with the lower price will gain 3% of the market for each penny difference in their prices. Charlie R R % % % Ralph { s % % % % % %.arrow_forwardA small tourist town has two Italian restaurants, Romano's and Giardino's. Normally both restaurants prosper with no advertising. Romano's could take some of Giardino's customers by running radio ads, and Giardino's could do the same thing. The one-month profit matrix (showing payoffs in thousands of dollars) is: Romano's Don't Advertise Advertise 4 Don't Advertise 3 Giardino's 1 Advertise 4 (a) Use best response analysis to find any pure strategies Nash equilibrium in the static (one-month) game? (b) If the game is repeated indefinitely, can the use of tit-for-tat strategies result in a Nash equilibrium? (c) Does the game have multiple equilibria if it is repeated indefinitely? (d) Would pre-play communication have implications for the repeated game equilibrium? Please explain both in the static version of the game, and also if the game is repeated indefinitely.arrow_forward
- Reduce the payoff matrix by dominance.arrow_forwardCrombie supermarket sells its private label brand of canned peas as well as other national brands. The store makes a profit of $0.28 per can for its private label peas and a profit of $0.19 for any of the other brands. The store has 6 square feet of shelf space available for canned peas, and each can of peas takes up 9 square inches of that space. Analytics show that each week the store sells less than half as many cans of its private label brand as it does the other national brands. The store wants to know how many cans of its own brand of peas and how many cans of the other brands to stock each week on the allocated shelf space in order to maximize profits.a. Formulate the problem algebraically a linear programming model for this problem. b. Solve this problem using Excel.arrow_forwardOsteoporosis is a degenerative disease that primarily affects women over the age of 60. A research analyst wants to forecast sales of StrongBones, a prescription drug for treating this debilitating disease. She uses the model Sales = B0 + B1 Population + B2 Income + ε, where Sales is the sales of Strong Bones (in $1,000,000s), Population is the number of women over the age of 60 (in millions), and Income is the average income of women over the age of 60 (in $1,000s). She collects data on 29 cities across the United States and obtains the following regression results: Coefficients Standard Error t Stat p-Value Intercept Population Income 10.15 3.13 3.24 0.0071 8.45 1.11 7.61 0.0047 7.45 6.12 1.22 0.3468 a. What is the sample regression equation? Note: Enter your answers in millions rounded to 2 decimal places. Sales = + Population + Income b-1. Interpret the coefficient of population. As the number of women over the age of 60 increases by 1 million, sales of Strong Bones is predicted to…arrow_forward
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