22 Jul EXPLAIN THE INTERDEPENDENCE THAT EXISTS IN OLIGOPOLIES USING THE PAYOFF MATRIX FACING THE TWO FIRMS.
payoff matrix indicates the p Show more Use the payoff matrix below for the following exercises. The payoff matrix indicates the profit outcome that corresponds to each firms pricing strategy. Firm A price Firm Bs Price $20 $15 at $20 firm A=$40 At $15 Firm A=$35 at $20 firm B=$37 At $15 Firm B=$39 at $15 A=$49 at $15 A=$38 at $15 B=$30 at $15 B=$35 a. Firms A and B are members of an oligopoly. Explain the interdependence that exists in oligopolies using the payoff matrix facing the two firms. b. Assuming that the firms cooperate what is the solution to the problem facing the firms? c. Given your answer to part (b) explain why cooperation would be mutually beneficial and then explain why one of the firms might cheat. Show less
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