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Suppose 2 competitors (A and B) each own a Del's Lemonade cart and must simultaneously decide where to set up their carts on the sidewalk along a beach in order to maximize their profit. Each owner can set up a cart at either end of the sidewalk or anywhere in between. (Assume the sidewalk is a simple line along the the beach). Their customers are equally distributed across the beach. If A sets up his cart at one end of the beach, what is the best response strategy for B (where should B set up his cart in response)? Given B's best response from your previous answer, how should A react (where would A move their cart in response)? Given these answers, where would the 2 competitors end up placing their carts? Explain.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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