The basic objective of applying the game theory is :
To arrive at the dominant strategy
Game theory studies strategic interaction, where the outcome for each decision-maker depends on the choices of others. Each player chooses among strategies by considering how rivals are likely to respond, and the analysis seeks the best course of action for each player.
The purpose of applying game theory is to identify the strategy a player should adopt. A dominant strategy is one that gives a player the best payoff whatever the rival does, and when it exists it is the natural solution of the game, as in the prisoner's dilemma. Finding such a best strategy, and the equilibrium it leads to, is the basic objective of the analysis.
Maximising profit, maximising sales and minimising marginal cost are objectives of a single firm in conventional theory of the firm. They may be the payoffs players care about, but they are not the objective of the game-theoretic method itself, which is about choosing strategies under interdependence.
To arrive at the dominant strategy option is correct.
Arrange the following in descending order according to the extent of expenditure of Union Government in Budget 2023-24.
(i) Central Sector Schemes
(ii) Interest Payments
(iii) States' share of taxes and duties
(iv) Centrally sponsored schemes
What is the point elasticity when price is 12 rupees for the demand function P = 60 – 3q.
Match the following:
| List I | List II |
|---|---|
| (a) 12th Finance Commission | (i) Dr. Vijay Kelkar |
| (b) 13th Finance Commission | (ii) Dr. C. Rangarajan |
| (c) 14th Finance Commission | (iii) N. K. Singh |
| (d) 15th Finance Commission | (iv) Y. V. Reddy |
Codes : (a) (b) (c) (d)
Why does a firm under perfect competition continue to operate in the long run despite earning only normal/zero profits ?
When the Total Product (TP) is maximum, the Average Product (AP) is _____ and the Marginal Product (MP) is _____ .
What is the short run supply curve of a firm in a perfectly competitive market ?
According to Bergson-Samuelson social welfare function approach, social welfare is maximized when _____ .
In Chamberlin’s alternative approach, why does the excess capacity of a monopolistically competitive firm emerge ?
Which of the following term is more important in welfare economics and in designing government policy ?
To maintain price leadership, a dominant firm must ensure that _____ .
.................... is a client server application that identifies each host on the internet with a unique user-friendly name.
Every OS has a ................ or .......... which primarily resides in the main memory of the computer to perform some of the basic functions of the OS.
(i) Kernel
(ii) Interface
(iii) Nucleus
(iv) Compiler
Codes:
Which of the following are referred to as low level language?
(i) Machine language
(ii) Assembly language
(iii) High level language
(iv) Natural language
Codes:
Match the following:
| List I | List II |
| (a) New York Public Library | (i) Shelv AR |
| (b) Miami University Augmented Research Group | (ii) Smart library |
| (c) Oula University Library | (iii) Wolf Walk |
| (d) North Carolina State University | (iv) Find the future |
Codes:
Which part of the QR code represents the encoded data?