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QUESTION 1: GAME THEORY In a small town, two restaurants compete in the market for pizza. Each restaurant must decide whether to charge a high

QUESTION 1: GAME THEORY

In a small town, two restaurants compete in the market for pizza. Each restaurant must decide whether to charge a high price or a low price. The potential monthly profits for these firms are as shown below (in thousands of dollars).

Restaurant B Price Low Price High 22 (A) 60 (A) Price Low 28(B) 30 (B) Restaurant A 30 (A) 42 (A) Price High 60 (B) 65 (B)

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