Business, 08.09.2021 23:50 ilovecatsomuchlolol

Suppose there are only two firms that sell smartphones: Flashfone and Pictech. The following payoff matrix shows the profit (in millions of dollars) each company will earn, depending on whether it sets a high or low price for its phones. Pictech Pricing
High Low
Flashfone Pricing High 10, 10 4, 19
Low 19, 4 6, 6

For example, the lower-left cell shows that if Flashfone prices low and Pictech prices high, Flashfone will earn a profit of $19 million, and Pictech will earn a profit of $4 million. Assume this is a simultaneous game and that Flashfone and Pictech are both profit-maximizing firms.

a. If Flashfone prices high, Pictech will make more profit if it chooses a:
b. If Pictech prices high, Flashfone will make more profit if it chooses a:

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Suppose there are only two firms that sell smartphones: Flashfone and Pictech. The following payoff...