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Jack and Jill are managers of two different airlines. Each must pick a strategy for setting ticket prices so that they maximize profits for their respective airline knowing what action the other person will take. The payoff matrix is show below with Jill's payoffs shown in bold. The table is read in the following way: for example if both Jack and Jill charge the high price for tickets each company will earn $9,000 in profit.Profit (High Price for Tickets) Profit (Low price for Tickets)Jill $9,000; $9,000 $3,000; $12,000Jack $12,000; $3,000 $8,000; $8,000
a. Elucidate what does either player have a dominant strategy? Explain.
b. Is there Nash equilibrium in this game? Explain
c. Why this game is called a cooperative game?
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There is no way to identify family types for pricing purposes also all costs are fixed so to maximizing total income is equivalent to maximizing profit.
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Compute the profit-maximizing output for the price leader. Illustrate what the market price is given the price leader's output in (c). Elucidate how much does each competitive firm produce.
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Do you recommend this strategy based on the information he has obtained
At the same time some internet trades such as grocery home deliveries have continually suffered steep losses regardless of scale.
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