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Nash equilibrium means that all players involved would know each other strategy and all would choose the same strategy. Nash Equilibrium would use the prisoner dilemma to make the concept clearer.
Suppose two prisoners are kept in two cells with charges same and public prosecutor, makes a demand for both of them. Assume that if both confess both get ten years of jail and if one confesses and other does not confess second may be left, and if both prisoners keep quiet then both may get an only minor charge. The real chance that it is equilibrium that would happen and both may confess together, and both may keep quiet rather than taking dominant position of one confessing and other keeping quiet. The Nash equilibrium revisited homework help written by myhomeworkhelp.com would go into more detail in prisoner dilemma.
Nash equilibrium in real life economics
Two competing companies would decide to increase price of competing products together so that customers would be squeezed and an entry of the third party would be difficult to achieve. Coca Cola and Pepsi Company are competing companies, but if we look closer to their pricing strategy, we can infer that they are charging the same price, and with a vast network of distribution it becomes difficult for third party to come and consolidate market. These types of competing companies’ strategies are decided by Nash equilibrium.
Two competing mobile manufacturing companies can choose dominant client they should target. Mobile companies would be manufacturing set for common people termed as customers, and they would be manufacturing handsets for some companies known as clients. If both companies decided to target customers in their handsets, then that becomes Nash equilibrium, and in same manner, if both companies target clients more it also becomes Nash equilibrium. The Nash equilibrium revisited assignment help would cover these in detail with real life business corporation examples.
There are cases in which an established company would find a new company entering the market with almost the same packing and same style. The aim of the new company is to create confusion in the mind of the buyers and attract a section of customers from the established company. There are times when companies use almost the same color in logos and almost create same advertisement. This is a type of competitive strategy that would be covered in the Nash equilibrium revisited homework help when a student approaches us.
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