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Consider a small town that is served by two grocery stores, White and Gray. Each store...

Question

Consider a small town that is served by two grocery stores, White and Gray. Each store...
  1. Consider a small town that is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sunday or whether it will close on that day. Monthly payoffs for each strategy pair are as shown in the table below.

Grays Choices Open Sundays Closed Sundays $2,000 $4000 Open Sundays $4000 $12,000 Whites Choices $8,000 $12,000 Closed Sund

  1. Which firm is the most profitable in this market?
  2. Does Gray have a dominant strategy?
  3. Is there a dominant equilibrium for both firms?
  4. Is the dominant equilibrium profit-maximizing?
  5. Is this an example of the prisoner's’ dilemma? Explain.
Gray's Choices Open Sundays Closed Sundays $2,000 $4000 Open Sundays $4000 $12,000 White's Choices $8,000 $12,000 Closed Sundays $2,000 $8,000

Answers

groys Choicis Cesn Sudays Sundays wmts Open Pndarys 12000 000.o 4000 4000 Choicts lsed 8000,8000 Sundlags berh Arms ar eapa


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