Which of the following(s) would be considered as a possible evolutionary equilibrium? 1.) 20% Huragok, 80% Unggoy 2.) 20% Unggoy, 80% Huragok 3.) 100% Huragok 4.) 100% Unggoy A. 1.) only В. 2.) only С. 3.) only D. 3.) & 4.) Е. None of the options
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- Edwina, a commodities broker, has acquired an option tobuy 1,000 oz of gold at $50/oz. If she takes the option and ifCongress relaxes import quotas, she can sell the gold for$80/oz. If she takes the option and Congress does not relaxthe import quotas, however, the company will lose $10/oz. Edwina believes that there is a 50% chance that the governmentwill relax the quota. She also has the option of waiting untilCongress decides whether to relax the import quota. If sheadopts this strategy, however, there is a 70% chance that someother broker will have already taken the option.a If Edwina is risk-neutral, what should she do? b If Edwina’s utility function for a change x in her as-set position is given by u(x) (10,000 x)1/2, what should she do?Which of the following is a significant difference in the outcomes between the dictator game and the ultimatum game? Multiple Choice O O O O Self-interest is revealed more strongly in the ultimatum game than in the dictator game. The ultimatum game tends to result in a more even split of the money. There is little difference, as fairness considerations lead to similar splits of the money in both games. The dictator game tends to result in a more even split of the money.Consider IC1. Good X • B • D E Good Y If given a choice between A and D the person will always choose D If given a choice between A and E the person will always choose E O If given a choice between A and G the person will always choose G If given a choice between A and B the person will always choose B Moving from B to D, the person is giving up Good X and getting Good Y. It is uncertain if the person prefers B over D because it's uncertain if he values the extra Y he gets give more enjoyment than the enjoyment he loses from having less X.
- Suppose X and Y are two dependent random variables. Let Z = (3X - 2Y + 4) with the following set of information provided: E(X2)= 25 EX) = 3 E(Y2)= 28 E(Y)=4 E(XY) = 20 What is var(Z)? O a. 172 O b. 96 OC. 22 O d. 28Pisa Pizza, a seller of frozen pizza, is considering introducting a healthier version of its pizza that will be low in cholesterol and contain no trans fats. The firm expects that sales of new pizza will be $20 million per year. While many of these sales will be to new customers, Pisa Pizza estimaes that 40% will come from customers who switch to the new, healthier pizzai nstead of buying the original version. a) Assume cusotmer will spend the same amount on either version. What level of incremental sales is associated with introducing the new pizza? b) Suppose that 50% of hte cusomters who will switch from Pisa Pizza's orignial pizza to its healthier pizza will switch to another brand if Pisa PIzza does not introduce a healthier pizza. What level of incremental sales is associated with introducing the new pizza in this case?[Adverse Selection] Each of the two players receives an envelope, in which there is anamount of money that is equally distributed from $0, $1, $2, ..., $100. The amounts in twoenvelopes are independent. After receiving the envelope, each individual can check exactlyhow much money is put in his/her own envelope. Then each player has the option to exchangehis/her envelope for the other individual's prize. The decisions are made simultaneously. Ifboth individuals agree to exchange, then the envelopes are exchanged; otherwise, if at leastone player chooses not to exchange, each individual keeps his/her own envelope and receivesits attached sum of money.a. Model this game as a static Bayesian game (write the normal formrepresentation) and find the Bayesian Nash equilibrium.b. Consider a new game where the probability distribution of money in eachenvelope is changed. The amount is equal to $100 with probability 90%, and is equalto each number in $0, $1, $2, ... ,$99 with probability 0.1%.…
- . If you examine the decision tree in Figure 9.12 (orany other decision trees from PrecisionTree), you willsee two numbers (in blue font) to the right of each endnode. The bottom number is the combined monetaryvalue from following the corresponding path throughthe tree. The top number is the probability that thispath will be followed, given that the best strategy isused. With this in mind, explain (1) how the positiveprobabilities following the end nodes are calculated,(2) why some of the probabilities following the endnodes are 0, and (3) why the sum of the probabilitiesfollowing the end nodes is necessarily 1.A researcher studying the effects of a new fertilizer on crop yields plansto carry out an experiment in which different amounts of the fertilizerare applied to 100 different 1-acre parcels of land. There will be fourtreatment levels. Treatment level 1 is no fertilizer, treatment level 2 is50% of the manufacturer’s recommended amount of fertilizer, treatmentlevel 3 is 100%, and treatment level 4 is 150%. The researcher plans toapply treatment level 1 to the first 25 parcels of land, treatment level 2to the second 25 parcels, and so forth. Can you suggest a better way toassign treatment levels? Why is your proposal better than the researcher’smethod?When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 30 or to bet $10 that the outcome is any one of the three possibilities 00, 0, or 1. 3 The gambler knows that the expected value of the $10 bet for a single number is - 53¢. For the $10 bet that the outcome is 00, 0, or 1, there is a probability of 38 of making a net profit of $30 and a probability of losing $10. 35 38 a. Find the expected value for the $10 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $10 bet on the number 30 or a $10 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 30 is C than the expected value for the bet that the outcome is 00, 0, or 1, the bet on is better.
- Suppose that the University of Alabama and Clemson are making spending decisions for theupcoming year. Assume that Alabama is currently spending $15 million on their recruiting andfacilities, and Clemson is spending $10 million. Each team has an additional $5 million to spendor keep as profits. If they both choose to not spend the additional $5 million then Alabama hasa 60% chance of getting the highest quality quarterback recruit to commit to them (getting thecommitment of the player is the goal). However, if they both choose to spend the additional $5million then there is a 57% chance that Alabama gets the high quality quarterback to commit. IfAlabama spends the additional $5 million but Clemson doesn’t then there is a 67% chanceAlabama gets the recruit. However, if Alabama does NOT spend the additional $5million butClemson does then there is a 50% change either team gets the recruit’s commitment. Setup thepayoff matrix and label the players, their strategies, and their payoffs, and…6. Most Bengal tigers (Panthera tigris) are orange with black stripes. Occasionally, however, they can be white with black stripes. The white phenotype is recessive to orange. In one study, a white and an orange tiger were bred in a zoo. These 2 tigers eventually bad 10 offspring: 4 white and 6 orange. What are the genotypes of the two parents? 6. If the orange tiger from the previous question is crossed with one of its orange offspring, what is the probability of obtaining a white tiger from the cross? 7. In snapdragons, a species of plant, red flower color is incompletely dominant over white, the heterozygotes being pink. If you want to produce seed that will yield only pink flowering plants, what would you cross? 8. George has type A blood and his wife Harriet has type B blood. They have a daughter with type O blood. What is the probability that their next child will have type AB blood?Question 2An investor is to purchase one of three types of real estate, as illustrated inFigure below. The investor must decide among an apartment building, anoffice building, and a warehouse. The future states of nature that willdetermine how much profit the investor will make are good economicconditions and poor economic conditions. The profits that will result fromeach decision in the event of each state of nature are shown in Table below: Assume that it is now possible to estimate a probability of 0.60 that goodeconomic conditions will exist and a probability of .40 that poor economicconditions will exist. a) Determine the best decision by using expected opportunity loss. b) Develop a decision tree, with expected values at the probability nodes. c) Compute the expected value of perfect information.