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15 19 36 64 QUANTITY 75 84 91 96 4. Dr. Fine and Dr. Feelgood are the only two medical doctors offering immediate walk-in medical services in a small rural town. They operate in a two firm oligopoly. Each doctor can charge either a high price or a low price for a standard medical visit. Figure 1 shows their possible profits, based on each doctor's pricing strategy Figure 1 Dr Feelgood Low price High price $0 profit D r F i $35 profit Low price $35 profit $45 profit - CO $45 profit $38 profit High pnce $0 profit $38 profit a. Using the information in Question 4 and Figure 1 above, explain why the Nash (United States) Focus OB Ladbccde AaBb Aabce Normal No Spacing Heading 1 Heading 2 Title b. Using the information in Question 4 and Figure 1 above, complete the following table to depict the two-period pricing situation when Dr. Fine always plays "tit-for-tat" and Dr. Feelgood always plays "tit-for-tat." FIRST Period Charges (high or low) Fine Feelgood Payoffs SECOND Period Payoffs Charges (high or low) Fine Feelgood TOTAL Payoffs c. Using the information in Question 4 and Figure 1 above, complete the following table to depict the two period pricing situation when Dr. Feelgood always plays "tit-for-tat" and Dr. Fine always chooses the "low" price. Payoffs Payoffs FIRST Period Charges (high or low) Fine Feelgood SECOND Period Charges (high or low) Fine Feelgood TOTAL Payoffs d. Using the information in Question 4 and Figure 1 above, complete the following table to depict the two period pricing situation when Dr. Feelgood always chooses the "low" price and Dr. Fine always chooses the "low" price. FIRST Period Charges (high or low) Fine Payoffs SECOND Period Charges (high or low) Fine Payoffs TOTAL Payoffs 12 of 12 BU224M4 Feelgood Feelgood e. Using the information in Question 4 and Figure 1 above complete the following table e. Using the information in Question 4 and Figure 1 above, complete the following table to depict the two period pricing situation when Dr. Fine always plays "tit-for-tat" and Dr. Feelgood always chooses the "low" price. FIRST Period Charges Payoffs Payoffs (high or low) SECOND Period Charges (high or low) Fine Feelgood TOTAL Payoffs Fine Feelgood 4. Dr. Fine and Dr. Feelgood are the only two medical doctors offering immediate walk-in medical services in a small rural town. They operate in a two firm oligopoly. Each doctor can charge either a high price or a low price for a standard medical visit. Figure 1 shows their possible profits, based on each doctor's pricing strategy. Figure 1 Dr Feelgood Low price High price $0 profit D r F i $35 profit Low price $35 profit $45 profit e $45 profit $38 profit High price $0 profit $38 profit