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Explain the difference between a Bayesian-Nash Equilibrium and a Nash Equilibrium.
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- You have just played rock, paper, scissors with your friend. You chose scissors and he chose paper, so you won. Is this a Nash equilibrium? Explain why or why not.Define the Nash Equilibrium. Give examples.Imagine a small town with three car repair shops competing for a limited number of customers. Explain why the three shops working together to keep their prices high is unlikely to be a Nash equilibrium.
- In the table below, it can be stated that it is the Nash Equilibrium: Regarding the game described by the matrix of possibilities below, it can be stated that the pair constitutes a Nash equilibrium:For the game below, find any Nash equilibrium. Show your work and report any Nash equilibrium strategies.find the nash equilibrium if there is any and explain thoroughly
