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svet-max [94.6K]
3 years ago
6

BigBox and CheapStore are the only two firms in a market. Each firm must decide whether to price high or price low. The payoffs

from each strategy combination are shown to the right long dash in millions of dollars. The first number in each pair is​ BigBox's profit; the second is​ CheapStore's profit. For​ BigBox, the dominant strategy in this game is to ▼
Business
1 answer:
Papessa [141]3 years ago
8 0

I would need to see the chart but if BigBox has more, it would be they are the dominant, and same for CheapStore. basically, whoever has more revenue (money production) will have the dominant strategy.

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Answer:

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Revenue is a function of price multiplied by the quantity. Thus, the equation for revenue can be written as,

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The price needed to maximize revenue is,

p = 16.5 + 0.5 * (-1.5)

p = 16.5 - 0.75

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information about products or services

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