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Please solve this problem Katrina High (Rs 12) Medium (Rs 10) Low (Rs 8) High (Rs 12) Rs 3000, Rs 3000 Rs 2800, Rs 3200

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Katrina High (Rs 12) Medium (Rs 10) Low (Rs 8) High (Rs 12) Rs 3000, Rs 3000 Rs 2800, Rs 3200 Rs 2500, Rs 3300 Salman Medium (Rs 10) Rs 3200, Rs 2000 Rs 2700, Rs 2700 Rs 2100, Rs 2500 Low (Rs 8) Rs 3300, Rs 1800 Rs 2500, Rs 1900 Rs 2000, Rs 2000 In the above game ice cream companies Salman Ltd and Katrina Ltd located outside IIM Rohtak are competing based on prices. The products of these companies are somewhat differentiated but the primary competition between them is taking place through prices. The companies Salman Ltd and Katrina Ltd are deciding whether to set a high price (Rs 12), medium price (Rs 10) or a low price (Rs 8). The pay offs in the game are in terms of profits for Salman Ltd and Katrina Ltd for the prices charged by them. a) What is the dominant strategy in game for the players/companies? What is the dominated strategy in the game for the players/companies? b) Explain the concept of Nash equilibrium? What is the Nash equilibrium in this game

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