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Consider the following payoff matrix in which the numbers indicate the profit in millions of dollars for a duopoly based either on a high-price or a low-price strategy.
Firm AHigh-price Low-price
High-price A = $500B = $500 A = $650B = $300Firm B
Low-price A = $300B = $650 A = $400B = $400
(a) What will be the result when each firm chooses a high-price strategy?
(b) What will be the result when Firm A chooses a low-price strategy while Firm B maintains a high- price strategy?
(c) What will be the result when Firm B chooses a low-price strategy while Firm A maintains a high-price strategy?
(d) What will be the result when each firm chooses a low-price strategy?
(e) What two conclusions can you draw about collusion?
b)At the profit-maximizing output rate, what are the monoplist's average total cost and average revenue c) At the profit-maximizing output rate, what are the monopolist's total cost and total revenue d) What is the maximum profit
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