05 Jun Question 1. Consider the following sc
Question
1. Consider the following scenario:
A small town 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
shown in the following table:
Grays Choices
Whites Choices
1.
Open sundays
Closed Sundays
Open Sundays
1000 whites8000 Grey
300010000
Closed Sundays
70007000
600012000
Showing all of your work, answer the following questions:
a. Which firm is the more profitable in this market?
b. Does the firm you identified as more profitable have a dominant strategy?
c. Based on your calculations, what should the more profitable firm do: open on
Sundays or close on Sundays? Explain your answer.
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