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|4. The following is a payoff matrix showing prot in millions of dollars when two companies simultaneously decide on various advertising budgets ($1 million, $2

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|4. The following is a payoff matrix showing prot in millions of dollars when two companies simultaneously decide on various advertising budgets ($1 million, $2 million, or $3 million): Pizza Hut 51 mm 52 mm $3 mil! $1 mill 370 ,r' 5125 65,1130 55 f 120 Papa Johns $2 mill 35 ,r' 120 70,1110 65/105 53 mill 30/100 75f95 EDKQD a. In the rst round of strategy elimination (when all three possible budgets are under consideration), which ad budget would the companies exclude? b. After the rst round of elimination {previous question), would either company make a second-round elimination? c. What would be the likely outcome of this simultaneous advertising decision {Q what ad budget would each company end up choosing)

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