Payoff Matrix Yellow's Output Strategy Low High White's Output Strategy Low High $120 $120 $50 $160 $100 (in millions of dollars) a) 120; 50 $160 $50 Ob) 160; 50 Oc) 50; 160 Refer to the image above. If Yellow adapted a high output strategy and White adopted a low output strategy, then Yellow's profits would be million dollars and White's profits would be million. $100 d) 120; 120

Two rival companies competing in the same market need to decide their plans for future expansion of their stores. The Table below shows the possible outcomes of their mutually interdependent actions (payoffs are profits in £m)     Giga Company Titanic Conglomerate   No Change Refurbishment of existing stores Large Expansion No Change     30, 40      25, 35    15, 24 Refurbishment of existing stores     35, 30      28, 32    18, 33 Large Expansion     12, 22     18, 20    20, 25   The Nash equilibrium:            (A)       does not exist. (B)       occurs when both firms choose Refurbishment of existing stores.              (C)       occurs when both firms choose Large Expansion. (D)       occurs when both firms choose No Change.

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Question 6 What is the equilibrium payoff for player 1? PLAYER 1 Up Down PLAYER 2 Left 42, 42 13, 3 Right 3, 13 42, 42