Question

5,1 10,0 1,6 (a) What is Player l's optimal strate ? (1) Gl a yer 1 optimal strategy. What is Player's optimal strategy? 3. The following data come from a large wheat farm, where output is bushels of wheat per week & capital (the number of tractors) is fixed in the short-run. The farm pays $300 per week to lose och tractor, must pay worlo $200 per week. Assume the lease of tractors & employee wages are the firm's only costs. See the loy below the table in case you have forgotten any acronyms. Fill in the rest of the table. Round to the penny when necessary. FC 0 3 0 1 3 000 2 3 500 IIIII |||||| |||| TI 3 3 1,500 4 3 1,900 5 3 2.200 6 3 2.400 L = number of workers FC = fixed cost AFC = average fixed cost MC = marginal cost K = number of tractors VC variable cost AVC average variable cost MP marginal product of labor Q = output TC = total cost ATC = average total cost APL verge product of labor

Answer 1

1/2, Date PL P2 P2 P2 e. St 3,4 10,0 2,6 Mnf backwand induchen player 2s at the mede 2, play2 4 ne cho ses e payd) At Haisd at the he Chooses nods, P2 that Chooses as ihn faytt igles pay f if he he Chooses 4. १ कि्च पुर्छ 1 mil chause .. Guren P choD ses B, P2 chses 7

Date FC 360 V C 200 pen wek K 3 1 F C VC 900 ATC AFC TO0 TC MC A VC ИР APL O O 4u0 900 3 a-25 0.5 1 2.75 2 0D 1lob 2no 4u0 cro 2. ५०० 900 900 900 960 1300 200 प5० 3 3 1500 6 0D 1 0.6 0.47 0.41 0.37 0.Y 0.Y2 0.Y5 200 4 3 0.81 1700 415 440 5 3 2200 1000 0.96 900 19c0 300 200 6 3 ০.४7। 2400 120D 2 lo0 0.5 200 200 H

FC Cost d Capt 3 C0x3 Co st Laar XL tal x K 17 VC,= イメ 200 - 20D 2 X20 e 400 TC 1) o 13D 9o0+20 TC2 TC2 fC/Q 4D/40- 2. 25 APC APCI APL 1 1

AWC VC AVC 2D 0.5 AVC s tha iable dev AVC TAFC. ATC test dh adelne wrtear MC 17 mave MP L due to umur wuuaM utpat froduced labr APL