Question: QUESTION 4 Tina and Nick run the advertising campaigns of the University of Queensland and the Qu…

01 May Question: QUESTION 4 Tina and Nick run the advertising campaigns of the University of Queensland and the Qu…

Posted at 16:36h in 2Past Paper by Exams

QUESTION 4 Tina and Nick run the advertising campaigns of the University of Queensland and the Queensland University of Technology respectively. The two are attempting to determine how much money they should spend on advertising their university in order to secure prospective undergraduate students. Both know that how much they spend will be influenced by how much the other decides to spend, as their advertising will become more or less effective as the other spends a smaller or larger figure, respectively. They can either spend a Large, Medium or Small amount on advertising and the positive payoff from this spending is shown in the table. What is the economic term that best describes this type of game? Strategy) (Type PD for Prisoner’s Dilemma or DS for Dominated Nick Medium BudgetSmall Budget (MB) Large Budget 25, 25 20, 60 10, 100 (LB) (SB) Large Budget (LB) Medium Budget 60, 20 50, 50 20, 60 100, 10 60, 20 35, 35 Tina MB Small Budget (SB)

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