Question

In: Statistics and Probability

Two television stations compete with each other for viewing audience. Local programming options for the 5:00...

Two television stations compete with each other for viewing audience. Local programming options for the 5:00 P.M. weekday time slot include a sitcom rerun, an early news program, or a home improvement show. Each station has the same programming options and must make its preseason program selection before knowing what the other television station will do. The viewing audience gains in thousands of viewers for Station A are shown in the payoff table.

		Station B
		Sitcom Rerun	News Program	Home Improvement
		b₁	b₂	b₃
Station A	Sitcom Rerun a₁	10	-5	3
	News Program a₂	8	7	6
	Home Improvement a₃	4	8	7

Determine the optimal strategy for each station. Round your answers to two decimal places. If your answer is zero, enter zero "0".

The optimal strategy is for Station A to implement:

strategy a₁ with probability ?

strategy a₂ with probability ?

strategy a₃ with probability ?

The optimal strategy is for Station B to implement:

strategy b₁ with probability ?

strategy b₂ with probability ?

strategy b₃ with probability ?

What is the value of the game? Round your answer to two decimal places.

The value of the game =

Note:Please show how to solve for probability value for a1, a2, a3, b1, b2, b3, and the value of the game.

Expert Solution

orchestra answered 2 years ago

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