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Does either firm have a dominant strategy

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Two firms are considering entering the market for chocolate almonds. Monthly profits (in thousands of dollars) resulting from the pricing strategies for each can of almonds are expected to be

                                   Firm 2

$3         $5         $7

Firm 1  $2                 3,3       5,1        4,2

$4                    4,6      8,4        5,7

$6                    2,7     6,4        8,5

$8                   6,4      2,7        9,8

Does either firm have a dominant strategy? Also, explain whether there is a dominant strategy equilibrium, and why. (Be sure to check whether you can use iterated dominance in this problem.)

Reference no: EM132401072

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