Probability of Firm 1 choosing 'Low Price': number, rounded to four decimal places and use in subsequent calculations) (Enter your answer as a decimal Firm Question 2 mixed strategy Nash equilibrium. Calculate the probability of Firm 2 choosing 'Low Price' in the Low Medium High 45.87 51.26 41.2 Probability of Firm 2 choosing 'Low Price': number, rounded to four decimal places and use in subsequent calculations) (Enter your answer as a decimal Low 26.97 39.71 46.71 Payoffs in the mixed strategy Nash equilibrium: 72.39 65.42 53.8 Medium 18.64 Firm 2 Now calculate the expected payoffs to each firm in the mixed strategy Nash equilibrium. 41.27 41.27 Calculate the expected payoff to Firm 1 in the equilibrium. 98.31 79.63 86.9 Expected payoff to Firm 1: $ two decimal places). (Enter your answer as a decimal number, rounded to High 1.97 16.27 27.13 Question 4 Calculate the expected payoff to Firm 2 in the eqiulibrium. Expected payoff to Firm 2: $ two decimal places). (Enter your answer as a decimal number, rounded to .....

Probability of Firm 1 choosing 'Low Price': number, rounded to four decimal places and use in subsequent calculations) (Enter your answer as a decimal Firm Question 2 mixed strategy Nash equilibrium. Calculate the probability of Firm 2 choosing 'Low Price' in the Low Medium High 45.87 51.26 41.2 Probability of Firm 2 choosing 'Low Price': number, rounded to four decimal places and use in subsequent calculations) (Enter your answer as a decimal Low 26.97 39.71 46.71 Payoffs in the mixed strategy Nash equilibrium: 72.39 65.42 53.8 Medium 18.64 Firm 2 Now calculate the expected payoffs to each firm in the mixed strategy Nash equilibrium. 41.27 41.27 Calculate the expected payoff to Firm 1 in the equilibrium. 98.31 79.63 86.9 Expected payoff to Firm 1: $ two decimal places). (Enter your answer as a decimal number, rounded to High 1.97 16.27 27.13 Question 4 Calculate the expected payoff to Firm 2 in the eqiulibrium. Expected payoff to Firm 2: $ two decimal places). (Enter your answer as a decimal number, rounded to .....

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Probability of Firm 1 choosing 'Low Price':
number, rounded to four decimal places and use in subsequent calculations)
(Enter your answer as a decimal
Firm 1
Question 2
mixed strategy Nash equilibrium.
Calculate the probability of Firm 2 choosing 'Low Price' in the
Low
Medium
High
45.87
51.26 41.22
Probability of Firm 2 choosing 'Low Price':
number, rounded to four decimal places and use in subsequent calculations)
(Enter your answer as a decimal
Low
26.97
39.71
46.71
Payoffs in the mixed strategy Nash equilibrium:
72.39
65.42
53.85
Firm 2 Medium
Now calculate the expected payoffs to each firm in the mixed strategy Nash equilibrium.
18.64
| 41.27
41.27
Calculate the expected payoff to Firm 1 in the equilibrium.
98.31
79.63
86.99
Expected payoff to Firm 1: $
two decimal places).
(Enter your answer as a decimal number, rounded to
High
1.97
16.27
27.13
Question 4
: Calculate the expected payoff to Firm 2 in the eqiulibrium.
Expected payoff to Firm 2: $
two decimal places).
(Enter your answer as a decimal number, rounded to
.....

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