26 Jul WHAT IS THE SMALLEST AMOUNT THAT THE FINE X CAN BE SUCH THAT BOTH FIRMS WILL WANT TO ALWAYS SET THE HIGH PRICE?
variation of the two-firm oligopoly situation shown in the figure below. Sup Show more Consider a punishment variation of the two-firm oligopoly situation shown in the figure below. Suppose that if one firm sets a low price while the other sets a high price then the firm setting the high price can fine the firm setting the low price. Suppose that whenever a fine is imposed X dollars is taken from the low-price firm and given to the high-price firm. Instructions: Enter your answer as a whole number. What is the smallest amount that the fine X can be such that both firms will want to always set the high price? $ million. Show less
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