2. Two gas stations are competing on one corner. Each firm is trying to pick a strategy. The market conditions are such

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2. Two gas stations are competing on one corner. Each firm is trying to pick a strategy. The market conditions are such

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2 Two Gas Stations Are Competing On One Corner Each Firm Is Trying To Pick A Strategy The Market Conditions Are Such 1
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2. Two gas stations are competing on one corner. Each firm is trying to pick a strategy. The market conditions are such that they face the following payoffs: Station 2 С ca DE D ind A 3 3 51 10 1 B 02 4 5 24 (a) Does ci (a) Does either stations have any dominant or domi- nated strategies? (b) If the stations choose their actions simultaneously, what are the possible Nash equilibria, and what would be the payoffs? (c) If station 1 moves first, what is the Nash equilib- rium? Did they increase their payoff over part (b)? (d) If station 2 moves first, what is the Nash equilib- rium? Did they increase their payoff over part (b)?
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