Explanation of Game Theory & the Nash Equilibrium Point; AP Microeconomics; Economics

Explanation of game theory & the Nash Equilibrium Point along with dominant strategies. For the AP Microeconomics Study Guide email me at: mjindrick@Hotmail.com

The economics book associated with these videos is now on Amazon here: http://www.amazon.com/AP-Economics-Microeconomics-School-Students/dp/14635804...

Study Questions:
1) In game theory, which player gets the pay-off at the right of each cell? Which gets the pay-off on the left of each cell?
2) Describe: dominant strategy, Nash Equilibrium. How does one find the Nash Equilibrium point?
3) What kind of market structure does game theory often emulate?
4) Make up your own three-by-three game where there is a dominant strategy for the player at the top, but not one for the player at the left. State what the Nash Equilibrium would be in this game.
5) Make up your own two-by-two game and state where the Nash equilibrium point would be.

Category:

Education

Tags:

• Nash Equilibrium
• Game theory
• Economics
• AP microeconomics
• oligopoly

[FeeSay26]

VERY helpful and extremely easy to follow, appreciate the help!

[AdvancedEcon]

@FeeSay26 I really appreciate the comment. Check out my other videos if you need help on other economic concepts.

[TheEthanwashere]

Nice. Just wondering, what's your opinion on the nordic model?

[AdvancedEcon]

@TheEthanwashere Im in between on the Nordic model. I am one for strong property rights but in most cases I believe in the minimization of government involvement in the economy. I believe that the private sector, and a market economy gives us the greatest economic results.

[altocirrus]

Thanks for sharing. You explain this in 3 minutes while my professor rambled for the whole two hours class.

[AdvancedEcon]

@altocirrus HA! I am glad that I could help. If you need help with other economic topics, check out some of my other videos or email me at mjindrick@hotmail.com

I'm always happy to help out with the subject.

[Tripster3]

Good explanation.



[CherrySprkle]

I have an exam in 2 hours and this just helped me tremendously! Thank you so much!

[SnowQueen25]

SOooooo clear about this now. Thank you!

[davdanielyan]

THX...now i got it)

[gumlese]

very very very nicely explained thank you for helping!!!