Vishnudath

THREE PRISONERS PROBLEM - A PROBABILITY PARADOX Introduction The three Prisoners problem is a mathematical equivalent to the Monty Hall problem with goat and car being replaced with execution and freedom, respectively. It first appeared in the mathematical games column by Martin Gardener in the popular American science magazine Scientific American in the year 1959. What is the problem?          Here is what exactly the problem is. There are three prisoners in three different cells and all of them are sentenced to death. However, the governor has selected one among them at random to be avoided from the death sentence. The warden of the prison actually knows who is being pardoned but at the same time, he is not allowed to disclose it. For convenience, let’s take the three prisoners A, B and C to be Charles, Robin and Nick respectively. Prisoner A, that is Charles, begs to the warden to disclose the identity of one among the two who are going to be e...

Consumer preferences and Microeconomics. As we all know, Microeconomics studies the decisions made by individuals and firms to allocate resources of production, exchange, and consumption and in addition to this Microeconomics helps us to formulate mathematical models based on samples of behavior of the consumers or firms and test the models against real-world observations. Now, after reading all this, a few among you might be wondering what is the relationship between consumer preferences and Microeconomics. Well, lets find out together. To begin with, we will try and answer two basic questions Who are consumers and w hat is meant by consumer preferences ? To begin with, Consumers are people who buy certain goods for their personal consumption and not for any other commercial purpose, and consumer preferences are nothing but the choices made by consumers while purchasing a good or a service, and these decisions or choices are majorly dependent on the satisfactio...