The following is a simplified duopoly model of competition between two firms.Firms simultaneously choose the quantity of outputs to produce,and then profits are realized.Each firm is restricted to producing 25,35,50 or 100 units of output.The details of how the payoffs are derived are unimportant because payoffs are all given in the table below.
Firm 2
Find the Nash equilibrium(s)in the game.
Definitions:
Sociable
Characteristic of enjoying being with people and interacting with them in a friendly manner.
Anxious and Depressed
Emotional states characterized by feelings of tension, worry, sadness, and a lack of interest in life that can affect an individual’s daily functioning.
Social Psychologists
Scientists who study how people's thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.
Stanley Milgram
A psychologist best known for his research on obedience, demonstrating how people can commit acts against their morals under authority pressure.
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