Reference no: EM1353610
1. Jack and Jill are managers of two different airlines. Each must pick a strategy for setting ticket prices so that they maximize profits for their respective airline knowing what action the other person will take. The payoff matrix is show below with Jill's payoffs shown in bold. The table is read in the following way: for example if both Jack and Jill charge the high price for tickets each company will earn $9,000 in profit.
Profit (High Price for Tickets) Profit (Low price for Tickets)
Jill $9,000; $9,000 $3,000; $12,000
Jack $12,000; $3,000 $8,000; $8,000
a. Does either player have a dominant strategy? Explain.
b. Is there Nash equilibrium in this game? Explain
c. Why this game is called a cooperative game?
2. a. What is the firm's Total Revenue?
b. What is the Total Cost?
c. What is the firm's Total Profits?
d. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.
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