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Use the information in the following table, which summarizes the payoffs (i.e., profit) to two firms ...

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Use the information in the following table, which summarizes the payoffs (i.e., profit) to two firms ...

Use the information in the following table, which summarizes the payoffs (i.e., profit) to two firms that must decide between an average-quality and a high quality product, to answer the questions that follow:
   Firm 2
      Average Quality   High Quality
Firm 1   Average Quality   600, 600   400, 1100
   High Quality   1100, 400   900, 900

a. What is each player's dominant strategy? Explain your reasoning.

b. Referring to the table above, is this an example of a prisoner's dilemma game? Why or why not?

c. Is there a Nash equilibrium? If so, what is it?

Textbook

Economics for Managers

Edition: 3^rd

Author: Farnham

Read 134 times

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University of Ottawa - Economics for Managers

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insherro Author

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Thanks

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