Firms A and B choose how much of a a homogenous good to produce at a marginal cost of 1. The inverse demand function is p = 25 – qA – qB where qa is the output choice of firm A and qB is the output choice of firm B. A firm's action is its output choice and can be any number greater than or equal to zero. Eliminate all strongly dominated actions by the two firms. In the game that remains what is the action set of each of the two firms? [Write your answer as an interval; e.g.: [0.2, 0.4] or (0.3,0.5], etc.]

Firms A and B choose how much of a a homogenous good to produce at a marginal cost of 1. The inverse demand function is p = 25 – qA – qB where qa is the output choice of firm A and qB is the output choice of firm B. A firm's action is its output choice and can be any number greater than or equal to zero. Eliminate all strongly dominated actions by the two firms. In the game that remains what is the action set of each of the two firms? [Write your answer as an interval; e.g.: [0.2, 0.4] or (0.3,0.5], etc.]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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