Elucidate what does either player have a dominant strategy., Ask an Expert

Economics

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; $12,000
Jack $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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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9273936

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