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Suppose there are only two companies that make wireless noise-canceling headphones of equivalent quality: Company A and Company B. Now suppose that both companies have

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Suppose there are only two companies that make wireless noise-canceling headphones of equivalent quality: Company A and Company B. Now suppose that both companies have to choose one of two potential strategies for pricing their headphones: setting a low price or setting a high price. The table below shows the expected profits for each company under each pricing scenario. Assume both companies are in competition with each other and seek to maximize their profits. Under these conditions, how much profit should we expect both companies to earn? Company A High Price Low Price Profit for Company B: $100, 000 Profit for Company B: $15, 000 High Price Profit for Company A: $100, 000 Profit for Company A: $125, 000 Company B Profit for Company B: $125, 000 Profit for Company B: $50, 000 Low Price Profit for Company A: $15, 000 Profit for Company A: $50, 000 Provide your answer below

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