Question

application of equilibrium constant​

Answer 1

Answer:

Abstract

This paper studies contests in which three or more players compete for two nonidentical prizes. The players have distinct constant marginal costs of performance or bid, which are commonly known. We show that the contests have a generically unique Nash equilibrium, and it is in mixed strategies. Moreover, we characterize the equilibrium payoffs and strategies in closed form. We also study how the equilibrium payoffs and strategies vary with the prizes. As an application, we numerically compute the optimal allocation of prizes that maximizes the total expected bid of asymmetric players.

Answer 2

Answer:

Equilibrium constants can be vitally important in the context of chemical reactions as it tells you how reversible a reaction is. The equilibrium constant, K, is the concentration of the reactants over the concentration of products once the reaction has reached equilibrium.

Explanation:

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