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The Candle Company and the Wick Corporation are the only manufactures of a very sophisticated type of flammable material. They each can engage in either a high or low level of advertising in trade journals. The payoff matrix is as follows:
Wick CompanyLow Level High LevelCandleCorp. Low Level Wick - $13 million Wick - $12 millionCandle - $12 million Candle - $11 million
High Level Wick - $12 million Wick - $11 millionCandle - $13 million Candle - $12 million
a. Will Candle engage in a high or a low level of advertising in trade journals?
b. Will Wick engage in a high or a low level of advertising in trade journals?
c. Is there a dominant strategy for each firm?
Ken and Gerard are roommates for a weekend and have succeeded in making their living quarters cluttered in very little time.
Firm A and Firm B are the only competitors in market. Each has to decide what price to set for its product. Once prices are set, they cannot be changed for year. Both companies set prices at the same time.
Company A and B are battling for market share in two separate markets. Market I is worth $30 million in revenue; market II is worth $18 million.
Suppose you and your classmate are assigned a project on which you will earn one combined grade. You each wish to receive a good grade, but you also want to avoid hard work.
A worker faces a review every year. He prefers to spend time making if he will be reviewed; otherwise he would prefer to use time somewhere else.
Two players, Ben and Diana, can choose strategy X or Y. If both Ben and Diana choose strategy X, every earns a payoff of $1000.
Player 1 has the following set of strategies {A1;A2;A3;A4}; player 2’s set of strategies are {B1;B2;B3;B4}. Use the best-response approach to find all Nash equilibria.
Determine which pair of strategies would competing companies A and B choose given this payoff matrix?
Little Kona is a small coffee corporation that is planning entering a market dominated through Big Brew. Each corporation's profit depends on whether Little Kona enters and whether Big Brew sets a high price or a low price.
It costs each company Brokely $3,000 per period to use filters that avoid polluting the lake. However, each company must use the lake's water in production
Figure 10-13 demonstrate the payoff matrix for the only 2-auto dealerships in a community, Jim's Autos and Tim's Autos. The matrix demonstrate the profits that each company would earn from selecting either a low price or a high price.
A supplier and a buyer, who are both risk neutral, play the following game, The buyer’s payoff is q^'-s^', and the supplier’s payoff is s^'-C(q^'), where C() is a strictly convex cost function with C(0)=C’(0)=0. These payoffs are commonly known.
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