Chapter 15 - Oligopoly and Antitrust Policy / Chapter 20 - Game Theory, Strategic Decision Making, and Behavioral Economics -- Initial Post Due Wednesday -- 2 Comments Due Friday1) Define Cartel and give an example.2) Thelma and Louise are being charged for a murder/robbery. They are separated by police and interrogated. They are given the choice to confess or notto confess. The payoff matrix below identifies the years that they will each spend in jail, for the various outcomes.LouiseConfessDon't ConfessWalmartConfessHigh Price10,10Low Price15,2Thelmaa. Identify the Dominant Strategy for either player, or state that there isn't one. Remember, a "Strategy" is the players move. In this example, state"Confess" or "Don't Confess" for each player, not the payoff.b. Identify the Nash Equilibrium.3) Amazon and Target both sell the new Xbox, and have a choice whether to charge a high price or a low price. The payoff matrix identifies the profiteither store can expect to make (in millions of dollars).Don't Confessa. Identify the Dominant Strategy for either player, or write "none" if there isn't one,b. Identify the Nash Equilibrium.2,15Amazon3,3High PriceLow Price333,65,52,84,3

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Chapter 15 - Oligopoly and Antitrust Policy / Chapter 20 - Game Theory, Strategic Decision Making, and Behavioral Economics -
- Initial Post Due Wednesday -- 2 Comments Due Friday
1) Define Cartel and give an example.
2) Thelma and Louise are being charged for a murder/robbery. They are separated by police and interrogated. They are given the choice to confess or not
to confess. The payoff matrix below identifies the years that they will each spend in jail, for the various outcomes.
Louise
Confess
Don't Confess
Walmart
Confess
High Price
10,10
Low Price
15,2
Thelma
a. Identify the Dominant Strategy for either player, or state that there isn't one. Remember, a "Strategy" is the players move. In this example, state
"Confess" or "Don't Confess" for each player, not the payoff.
b. Identify the Nash Equilibrium.
3) Amazon and Target both sell the new Xbox, and have a choice whether to charge a high price or a low price. The payoff matrix identifies the profit
either store can expect to make (in millions of dollars).
Don't Confess
a. Identify the Dominant Strategy for either player, or write "none" if there isn't one,
b. Identify the Nash Equilibrium.
2,15
Amazon
3,3
High Price
Low Price
33
3,6
5,5
2,8
4,3

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