Find a symmetric nash equilibrium in mixed strategies

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Please explain how to solve the equation in steps:

A total of n ≥ 2 companies are considering entry into a new market. The cost of entry is 30. If only one company enters, then its gross profit is 200. If more than one company enters, then each entrant earns a gross profit of 40. The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60. Find a symmetric Nash equilibrium in mixed strategies.

(1-p) ^n-1* (200-30) + 1-(1-p) ^n-1* (40-30)

Reference no: EM132415482

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