Table: Profits for Vlad's and Assad's Cookie Companies Assad charges $1 per cookie. Vlad's profits-$2,000 Assad's profits-$2,000 Vlad's profits-$500 Assad's profits $3,500 Vlad charges $1 per cookie. Vlad charges $3 per cookie. Assad charges $3 per cookie. Vlad's profits-$3,500 Assad's profits-$500 Vlad's profits-$3,000 Assad's profits- $3,000 What is the Nash equilibrium for this game assuming both players choose simultaneously? Vlad charges $3; Assad charges $1 Vlad charges $1; Assad charges $1 Vlad charges $1; Assad charges $3 Vlad charges $3; Assad charges $3 There is no Nash equilibrium for this game

Table: Profits for Vlad's and Assad's Cookie Companies Assad charges $1 per cookie. Vlad's profits-$2,000 Assad's profits-$2,000 Vlad's profits-$500 Assad's profits $3,500 Vlad charges $1 per cookie. Vlad charges $3 per cookie. Assad charges $3 per cookie. Vlad's profits-$3,500 Assad's profits-$500 Vlad's profits-$3,000 Assad's profits- $3,000 What is the Nash equilibrium for this game assuming both players choose simultaneously? Vlad charges $3; Assad charges $1 Vlad charges $1; Assad charges $1 Vlad charges $1; Assad charges $3 Vlad charges $3; Assad charges $3 There is no Nash equilibrium for this game

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 12CQ

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mall Dynaco Jains Pynaco gains 4. Synergy and Dynaco are the only two firms in a specific high - tech industry. They face the following payoff matrix as they determine the size of their research budget: Synergy's Deeision Small Bodget Lange Budget Synergy gain $420M Symedgy Dynaco ins Large budget Dynaro gains $30M Synergy Small Dynaco Jains Budget Jains zero Dynae's 2ero gains $70m Synergy Pynaco gains gains #50M Decision a. Does Synergy have a dominant strategy? Explain. b. Does Dynaco have a dominant strategy? Explain. c. Is there a Nash equilibrium for this scenario? Explain. (Hint: Look closely at the definition of Nash equilibrium.)
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How does penetration pricing strategy affect the company's performance and how they benefit from this?
3. Breakdown of a cartel agreement Consider a town in which only two residents, Sean and Yvette, own wells that produce water safe for drinking. Sean and Yvette can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price (Dollars per gallon) 4.20 3.85 3.50 3.15 2.80 2.45 2.10 1.75 1.40 1.05 0.70 0.35 0 Quantity Demanded (Gallons of water) 0 40 80 120 160 200 240 280 320 360 400 440 480 Suppose Sean and Yvette form a cartel and behave as a monopolist. The profit-maximizing price is $ is per gallon, and the total output gallons. As part of their cartel agreement, Sean and Yvette agree to split production equally. Therefore, Sean's profit is $ and Yvette's profit is $ Total Revenue Suppose that Sean and Yvette have been successfully operating as a cartel. They each charge the monopoly price and sell half of the monopoly quantity. Then one night before going to sleep, Sean says to…
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