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Solution Library
Profit Level Calculation With Pay-off Matrix
Question
Consider the following pay-off matrix (Numbers in the matrix reflect their respective profit levels) for two gas stations.
|
|
Gas station A |
|
|
Gas Station B |
High price |
Low price |
|
High price |
200,000 AED; 200, 000 AED |
50,000 AED; 400,000 AED; |
|
Low price |
400,000 AED; 50,000 AED |
80,000 AED; 80,000 AED; |
If each firm follows their dominant strategy, then what will be their respective profit levels? And if they collude then what is their new profit level?
Summary
The question belongs to Economics, Micro-economics and it discusses about a pay-off matrix for two gas stations with dominant strategy and calculate profit levels.
Total Word Count 125
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