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Pizza king and noble greek are competitive pizza chains

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Reference no: EM132243828

Pizza King (PK) and Noble Greek (NG) are competitive pizza chains.  PK believes there is a 30% chance that NG will charge $8 per pizza, a 50% that NG will charge $10 per pizza, and a 20% chance that NG will charge $12 per pizza.  If PK charges price p1 and NG charges price p2, PK will sell 100 + 25(p2 – p1) pizzas. It costs PK $6 to make a pizza. PK is considering charging $7, $8, $9, $10, or $11 per pizza.  To maximize its expected profit, what price should PK charge for a pizza?

Reference no: EM132243828

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