Based on the information shown in the payoff matrix above, Econometrics

Based on the information shown in the payoff matrix above

Suppose the market for cookbooks is a duopoly. The chart below shows a payoff matrix for the two cookbook producers.

a. Based on the information shown in the payoff matrix above, how much profit will each firm make if the firms are non-cooperative?

b. If producer 2 charges a high price and producer 1 charges a low price, how much profit will producer 1 make?

c. If the firms collude and set prices together, how much profit will each producer make?

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Econometrics: Based on the information shown in the payoff matrix above

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Econometrics: Based on the information shown in the payoff matrix above

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