Friday

August 1, 2014

August 1, 2014

Posted by **Michael** on Monday, February 14, 2011 at 11:18am.

Driver 2

Left Right

Driver 1 Left 0,0 -1000 -1000

Right -1000, -1000 0,0

a. Does either player have a dominant strategy? Explain.

b. Is there Nash equilibrium in this game? Explain

c. Why this game is called a cooperative game?

2.

Graph

a. What is the firm’s Total Revenue?

b. What is the Total Cost?

c. What is the firm’s Total Profits?

d. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.

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