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Suppose two companies, Sony and Magnavox, are competing in a duopoly. If both companies charge a hig

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Suppose two companies, Sony and Magnavox, are competing in a duopoly. If both companies charge a hig

Suppose two companies, Sony and Magnavox, are competing in a duopoly. If both companies charge a high price, they each earn $700 million in economic profit. If both companies charge a low price, they each earn $500 million in economic profit. If one company charges a high price and the other a low price, the company charging the higher price earns $450 million in economic profit and the company charging the lower price earns $800 million in economic profit.
a. Complete the payoff matrix below for Sony and Magnavox.

b. Find the Nash equilibrium.

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Essential Foundations of Economics

Edition: 7^th

Authors: Bade, Parkin

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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.

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Loraine Author

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8 years ago

this is exactly what I needed

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Thanks

novae

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Thanks for your help!!

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