Business, 16.12.2019 22:31 itsme77

Jack b. nimble and jack b. quick are differentiated oligopolists selling candlesticks in a certain market. both can charge either a high or a low price. the payoff matrix below shows their annual profits (in $ million) under the four possible price combinations. matrix cells are identified by letters in their upper right corners.

nimble

high

low

quick

high

(a) pn = 16

pq = 17

(b) pn = 23

pq = 12

low

(c) pn = 14

pq = 18

(d) pn = 12

pq = 13

22. does nimble have a dominant strategy? if so, what is it?

23. does quick have a dominant strategy? if so, what is it?

24. in the absence of collusion, which cell shows the equilibrium price combination in the market?

Answers: 1

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