The Following Matrix Shows the Payoffs That Two Furniture Manufacturers

question 85

Essay

The following matrix shows the payoffs that two furniture manufacturers receive depending on the prices they set for their desks and tables. Discuss what would happen in this game if it was played only once. Would the outcome change if the game was repeated? $$\begin{array} { | c | c c c | } \hline & { \text { Dave's desks } } \\\hline & & £ 80 & £ 50 \\{ \text { Tom's tables } } & £ 80 & 100 : 100 & 30 : 150 \\& £ 50 & 150 : 30 & 80 : 80 \\\hline\end{array}$$

---

Definitions:

Variability

The degree to which data points in a statistical distribution or set diverge from the average value and from each other.

Samples

Selected groups or portions of a population used in research to draw conclusions about the overall population based on their characteristics or responses.

Standard Deviation

A statistical measure that quantifies the variation or dispersion of a set of data points relative to its mean.

Mean

A statistical measure representing the average of a set of numbers, calculated by dividing the sum of all values by the number of values.