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The dominant strategy can be described as an approach in which no matter what opposition does, the player sticks to the plan. Dominant strategy can be explained simply from daily life. Assume that a person after waking up likes to drink black tea daily. He or she is confused whether to drink normal black tea or lemon black tea. The person would think like this. Energy perception after drinking lemon tea is 6 and energy perception after drinking standard tea is 4.
The energy perception after drinking lemon for person is higher, and this becomes dominant, and if lemon tea is available, person will choose lemon tea. Dominant strategies homework help done by myhomeworkhelp.com would help students to understand the concept better and would equip them for better future in economics.
Real life economic examples of dominant strategy
Many governments would do something to attract big multination’s to start manufacturing business in their country. A country may offer some incentive to the multinational without checking what other countries are doing, and this strategy is what is termed as the dominant strategy that would be mentioned in dominant strategies assignment help.
There would be trade unions in manufacturing plant, and there would be different unions functioning. During a strike, various unions may come out with different packages that they feel deemed to be favorable for workers under them and this is a dominant strategy for union members, dominant strategies homework help would add more real life business examples, so that assignment answer is unique.
Dominant strategy using ice cream example
Suppose there are two companies in a market selling ice cream and they want to ensure that sales happen more in summer. They both want to know whether advertising about their product would work wonders or not.
There would be a detailed study about the payoff that they get when they advertise and when the rival company does advertise. The other study would be to understand the payoff when the first company advertises and a second company does not advertise. The third pay off is the when the first company does not advertise and the second company does advertise, and the fourth payoff is when both companies do not advertise. The dominant strategy would be the one that would get more income, and the chances are both companies would benefit when advertisement takes place. Dominant strategies assignment help would use real life examples that help student get high grades.
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