Question 13. Find the equilibrium in this one-shot simultaneous game. Explain your answer. Is the equilibrium Pareto-optimal? Brian Snooker Film 5,8 2,6 1,2 4,4 Snooker Anna Film

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1. Firm A Use the following matrix to answer the following questions. Firm B Strategy A B с D -10, -10 -100, 220 200, 140, -100 180 Assume that this is a simultaneous move one shot game. (a) What is each firm's best response to its rival's possible actions? (i) If Firm A chooses low price what is Firm B's best choice? (ii) If Firm A chooses high price what is Firm B's best action? (iii) If Firm B chooses low price what is Firm A's best choice? (iv) If Firm B chooses high price what is Firm A's best choice? (b) What is Firm A's dominant strategy (if they have one)? (c) What is Firm B's dominant strategy (if they have one)? (d) What is the Nash equilibrium? Refer to the normal-form game of price competition in the payoff matrix below. Firm B Low Price 0,0 Firm A Low Price High Price 50,-10 High Price -10, 50 20, 20 Suppose the game is infinitely repeated, and the interest rate is 10 percent. Both firms agree to charge a high price, provided no player has charged a low price in the past.…

ECONOMICS LECTURE NOTE 5.1.3 Example Use the table below to answer the questions that follows Commodity x Quantity Commodity y Quantity Marginal utility 60 Average utility 1 30 2 50 2 27 3 35 3. 22 4 15 4. 18 5 5 15 6. 6. 12 iii. Which of the commodities would he pay higher price when 4 units are consumed? Suppose the price of X is 5 and that of Y is 4. How many of the quantity of X and Y should be consumed in order for the consumer to be in iv. equilibrium. If price of X increase to 10 whiles that of Y remains the same, explain how the equilibrium conditions will behave.