ynergy and Dynaco are the only two firms in a specific high-tech industry. They face the following payoff matrix search budget: Synergy's Decision Large Budget Small Budget Large Budget $20 million, $25 million $15 million, $0 Dynaco's Decision Small Budget $0, $60 million $25 million, $30 million
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The dominant strategy refers to the strategy which is best course of action irrespective of rival player strategy.
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- 7. High-tech Industry Synergy and Dynaco are the only two firms in a specific high-tech industry. They face the following payoff matrix as they decide upon the size of their research budget: Synergy's Decision Large Budget Small Budget Dynaco's Decision Large Budget $30 million, $20 million $70 million, $0 Small Budget $0, $30 million $50 million, $40 million If Synergy believes Dynaco will go with a large budget, it will choose a budget. If Synergy believes Dynaco will go with a small budget, it will choose a budget. Therefore, Synergy a dominant strategy. If Dynaco believes Synergy will go with a large budget, it will choose a budget. If Dynaco believes Synergy will go with a small budget, it will choose a budget. Therefore, Dynaco a dominant strategy. True or False: There is a Nash equilibrium for this scenario. (Hint: Look closely at the definition of Nash equilibrium.) True False5. To advertise or not to advertise Suppose that Fizzo and Pop Hop are the only two firms that sell orange soda. The following payoff matrix shows the profit (in millions of dollars) each company will earn depending on whether or not it advertises: Рop Hop Advertise Doesn't Advertise Advertise 10, 10 18, 2 Fizzo Doesn't Advertise 2, 18 11, 11 For example, the upper right cell shows that if Fizzo advertises and Pop Hop doesn't advertise, Fizzo will make a profit of $18 million, and Pop Hop will make a profit of $2 million. Assume this is a simultaneous game and that Fizzo and Pop Hop are both profit-maximizing firms. If Fizzo decides to advertise, it will earn a profit of $ million if Pop Hop advertises and a profit of $ million if Pop Hop does not advertise. If Fizzo decides not to advertise, it will earn a profit of S million if Pop Hop advertises and a profit of $ million if Pop Hop does not advertise. If Pop Hop advertises, Fizzo makes a higher profit if it chooses If Pop Hop…10:43 A docs.google.com Your answer Syukri, Iqmal and Amir run the only shop in Wang Ulu. They sell electrical goods such as televisions, washing machines, etc. However, their objectives are different from each other. Syukri wants to make as much profit as he can, Iqmal wants to sell as many goods as he can without losing money, and Amir wants to earn as much revenue as he can. The graph below illustrates their respective profits. (Note: The length of each square on the Y-axis represents RM100, and the length of each square on the X-axis represents 100 units.) What is the quantity for Syukri? Revenue, Cost MC AC Quantity 100 200 300
- Toyota Motor Corporation operates in a oligopolistic market. How should firms reacte to a recession when selling products in a oligopolistic market? What strategies and/or implications for the firm and/or the market can be identified?Think about firms such as the Coca Cola Company and PepsiCo who competeagainst each other in the monopolistically competitive market for soft drinks. Eachfirm produces a unique product, but each of these unique products is to some extenta substitute for the soft drinks produced by rival companies.Now imagine a situation where the firms within such a market are facing suchextreme competition that they are unable to make an operating profit. Characterisethis situation diagrammatically and explain what will happen to the market, payingparticular attention to the exit or entry of firms out of (or into) the market.OA OB OC Alpha's Price Policy OD. High Low A с Beta's Price Policy High Low $20 $30 $20 $10 B D $10 The diagram above shows potential outcomes for two oligopolistic competitors. Beta's profits are shown in the upper right corner of each box and Alpha's profits in the lower left corner. If Alpha and Beta engage in collusion (and do not cheat), where will they end up? $15 $30 $15
- 1. Tru and Merritts Grill compete in the sandwich market. They are trying to decide how to price their sandwiches. The potential market is 100 customers a day. If both firms price high at $12 a sandwich, some customers won’t want to buy but 80 still will consume, and the shops will equally split the market. If one firm prices high at $12 and one prices lower at $7, the shop that prices lower will receive all the business of 100 consumers and the high price shop will receive no business. If both shops price low at $7, then the shops will split the 100 consumers. Let’s simplify to both firms’ cost=0 a) The payoffs to each action are in the form of profit to each firm. Construct a matrix with the correct payoffs. Make sure to identify the Nash equilibrium/equilibria.5 /MC MR 5 Q Answer here ← PREVIOUS ATC What price does an oligopolistic firm set in order to maximize profits? 10 ✰ VIEW5. To advertise or not to advertise Suppose that two firms, Frankencakes and Thinley's, are the only sellers of crepes in some hypothetical market. The following payoff matrix gives the profit (in millions of dollars) earned by each company depending on whether or not it chooses to advertise: Frankencakes Thinley's Advertise Doesn't Advertise Advertise 9,9 Doesn't Advertise 3,15 For example, the lower left cell of the matrix shows that if Thinley's advertises and Frankencakes does not advertise, Thinley's will make a profit of $15 million, and Frankencakes will make a profit of $3 million. Assume this is a simultaneous game and that Frankencakes and Thinley's are both profit- maximizing firms. advertise If Frankencakes chooses to advertise, it will earn a profit of 5 15,3 11.11 If Frankencakes chooses not to advertise, it will earn a profit of S not advertise. Both firms will choose to advertise O Both firms will choose not to advertise. million if Thinley's advertises and a profit of…
- 5. To advertise or not to advertise Suppose that Expresso and Beantown are the only two firms that sell coffee. The following payoff matrix shows the profit (in millions of dollars) each company will earn depending on whether or not it advertises: Expresso Advertise Doesn't Advertise Beantown Advertise 10, 10 2, 18 For example, the upper right cell shows that if Expresso advertises and Beantown doesn't advertise, Expresso will make a profit of $18 million, and Beantown will make a profit of $2 million. Assume this is a simultaneous game and that Expresso and Beantown are both profit-maximizing firms. Doesn't Advertise 18, 2 11, 11 If Expresso decides to advertise, it will earn a profit of S advertise. If Expresso decides not to advertise, it will earn a profit of S not advertise. O O million if Beantown advertises and a profit of s If Beantown advertises, Expresso makes a higher profit if it chooses If Beantown doesn't advertise, Expresso makes a higher profit if it cnot to advertise…How are the 10 decisions altered to build two distinct strategies in the same industry?18. Refer to Figure 18-1. If the shop charges $150 per repair, then what is the value of the marginal product of the second mechanic? 19. Refer to Figure 18-1. What is the marginal product of the third mechanic? 20. Why are the actions of firms interdependent in an oligopoly market but not in a monopolistically competitive market?