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1. Game : Price decrease: More Favorable Condition
Apple
No change in price Price: Decrease
(.71, 1.6)
(-.4, 1.9)
(1.3, .2)
(.39, .8)
No change in
Price
Microsoft
Decrease
a. Identify each firm's dominant strategy. Identify the Nash equilibrium.
b. There is a better solution for both companies if they fix the price (co-operative- not independent). Identify that better solution.
2. Explain the three scenarios (profit-loss-shut down) associated with the ATC, AVC benchmarks and the MR=MC criteria in a purely competitive market
3. Why is the Game theory a good model to simulate the oligopoly market? What are the advantages of this game theory approach to understand Oligopoly.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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