QUESTION 8 The payoff matrix given below shows the payoffs to two firms in millions of US dollars for choosing two alter

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Question 8 The Payoff Matrix Given Below Shows The Payoffs To Two Firms In Millions Of Us Dollars For Choosing Two Alter 1 (211.56 KiB) Viewed 21 times

QUESTION 8 The payoff matrix given below shows the payoffs to two firms in millions of US dollars for choosing two alternative strategies (X or Y). The first number listed in each cell is the payoff to the row player and the second number listed is the payoff to the column player. Firm B Strategy X 2.4, 2.6 Strategy Y 2.4, 0 Strategy X Firm A 5.2, Strategy Y 4, 0 3.0 What is the payoff to Firm B at the Nash equilibrium? (Express your answer as it is expressed in the payoff matrix. For example, if the answer were 1.5 million, write 1.5 rather than 1,500,000.) QUESTION 9 The following table shows the total cost incurred by a monopolistic firm. It also shows the price that consumers are willing to pay for each amount of output. Price Total Cost Quantity 1 80 55 2 77 100 3 72 140 4 65 184 5 51 235 6 36 290