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What is the resulting mixed strategy equilibrium

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Reference no: EM132401070

Two firms produce marble countertops for the California market. Their monthly producer's surpluses ($million/month) depend on their pricing strategies, and are given in the payoff matrix below:

Firm 2

$350                  $450

Firm 1   $400     5,7              9,11

$550     12,8                    6,4

a) Is there a first-mover advantage in this game? Explain.

b) What is each firm's mixed strategy, and what is the resulting mixed strategy equilibrium?

Reference no: EM132401070

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