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Two oligopoly company are in the process of estimating their marketing strategies. Firm 1 can generate estimated profits of $10 million from strategy A if the second firm reacts by strategy C, and $15 million from strategy A if the second firm reacts with strategy D. On the other hand, Firm 1 may follow strategy B which could return profits of $8 million or $9 million if Firm 2 reacts with strategy C or D respectively. The second firm's potential profits are $8 and $12 million from strategy C depending on whether Firm 1 undertakes strategy A or B, and $7 and $8 million form strategy D, depending on whether Firm 1 follows Strategy A or B.
a. Construct the payoff table for the above industry.b. Does each firm have a dominant strategy? What is it?c. Does the industry move toward an equilibrium position? If so, where?
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If a fixed number of industrial polution permits are marketable; then we should just sell the right to smoke to highest bidders rather than ban smoking outright in many cities, restaurants, towns, business outlets, and bars.
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At which point do you reach equilibrium. Also explain why is that considered equilibrium.
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