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Farmer Singh and Farmer Vu graze their cattle in the same field. If there are 2 0 cows grazing in the field, each cow produces
Farmer Singh and Farmer Vu graze their cattle in the same field. If there are cows grazing in the field, each cow produces $ of milk over its lifetime. If there are more cows in the field, then each cow can eat less grass, and its milk production falls. With cows in the field, each produces $ of milk; with cows, each produces $ of milk. Cows cost $ apiece.
Assume that Farmer Singh and Farmer Vu can each purchase either or cows, but that neither knows how many the other is buying when she makes her purchase. Use the table to show the payoffs of each outcome.
tabletableVusDecisionSingh's Decision cows,,, cows cows,Results: $grad,profit for Singh, and,profit for VuResults:,profit for Singh, and cows,Results:,profit for Singh, and,profit for vuResults:, profit for Singh, and
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