ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Two firms are in the chocolate market. Each can choose to go for the high end of the market (high quality) or the low end (low quality). Resulting profits are given by the following payoff matrix: Firm 2 Firm 2 Low High 900,600 50, 50 Firm 1 Firm 1 Low -20, -30 High 100,800 a. What outcomes, if any, are Nash equilibria ? b. What is the cooperative outcome?
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Transcribed Image Text:Two firms are in the chocolate market. Each can choose to go for the high end of the market (high quality) or the low end (low quality). Resulting profits are given by the following payoff matrix: Firm 2 Firm 2 Low High 900,600 50, 50 Firm 1 Firm 1 Low -20, -30 High 100,800 a. What outcomes, if any, are Nash equilibria ? b. What is the cooperative outcome?
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Step 1: Define Nash Equilibrium Outcome and Cooperative outcome-
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Step 2: Nash equilibria outcome-
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Step 3: Cooperative outcome-
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