ECON 342 ECON342 Homework 2 with Answers (Penn State University)

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ECON 342 ECON342 Homework 2 Answer (Penn State University)

1. Suppose that two players are playing the following game. Player A can either choose Top or Bottom, and Player B can either choose Left or Right. The payoffs are given in the following table:

2. (6 points) Consider the following payoff matrix:

3. (30 total points) Suppose there are two firms in a market that each simultaneously choose a quantity. Firm 1’s quantity is q₁, and firm 2’s quantity is q₂. Therefore the market quantity is Q = q₁ + q₂. The market demand curve is given by P = 160 – 3Q. Also, each firm has constant marginal cost equal to 16. There are no fixed costs.

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